Korda Mentha will try to sell the Abra lead and silver mine, raising doubts over the future of ASX-listed Galena Mining.
Already a subscriber?Close to 150 workers at Western Australia’s Abra mine face an uncertain future after administrators were called in to sell or recapitalise its eponymous parent company.
The other 40 per cent is owned by Japanese company Toho Zinc, which spent $90 million buying its stake in the mine in 2019. Several WA gold miners have also blamed rain for production downgrades this month, while weather disruptions at the Savannah nickel mine was the final nail in the coffin for Panoramic Resources, whichAbra’s debt was secured over the mine assets, meaning Taurus is in the box seat to take control via the administration process.
“We intend to continue to operate the mine during the administration while we seek offers to recapitalise the company through a sale or deed of company arrangement process,” he said.
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