The credit fund has lobbed a $42 million offer for the mine, owned by Balmaine Gold, which collapsed into administration earlier this year.
The administrators of Balmaine Gold, Hall Chadwick, placed the mine on the market in July. Expressions of interest were due last week, and Shen Yao told shareholders in Singapore that more than 25 had been received.
“While the sales process continues, production of gold has been ongoing,” the company said in a brief note to the Singapore Exchange last month. “The administrators continued to review and improve the mining operations together with external mining consultants.” Among lenders to Shen Yao and Balmaine Gold are Gemi Investments, a Sydney firm founded by George Fleming, along with Hugh Morgan’s Arete Capital and Acheron Capital. Both of the latter two firms had issued debt default notices to Balmaine Gold earlier this year, most of which had been disputed by the company, the
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