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Eastern Goldfields avoids wind-up order

The wind-up of Michael Fotios’ Eastern Goldfields has been cancelled after payment of the debt which triggered the order.

The Supreme Court yesterday returned Eastern Goldfields to its directors on confirmation the company had paid $383,000 owed by the gold miner to Genalysis Laboratory Services.

Eastern Goldfields, which has restarted mining at Davyhurst, near Menzies, was put into liquidation on Genalysis’s application last week.

Mr Fotios, the miner’s executive chairman, said in a statement he was “very pleased” the wind-up had been lifted.

“This is a good outcome for our employees, investors and constructors, as it allows the company to continue with its operations,” he said.

Eastern Goldfields’ application to set aside Tuesday’s order included reference to its solvency and was supported by the company’s main lender, global financier Investec.

Last week, the company made a series of last-minute payments to creditors to head-off a protest outside the Diggers and Dealers mining conference in Kalgoorlie-Boulder by contractors demanding payment for work.

Eastern Goldfields is expected to return to sharemarket trading after talks with the ASX.

Article source: THE WEST

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