Kingsrose calls in administrators
PERTH (miningweekly.com) – Gold junior Kingsrose Mining has gone into voluntary administration, with its Talang Santo mine, in Indonesia, to be placed on care and maintenance while a review of the company’s structure and its operations are undertaken.
Kingsrose told shareholders that the appointment of FTI Consulting as administrators was intended to assist the company to continue with its recapitalisation efforts, including exploring options to raise capital and reduce debt, with a view to provide sufficient funding to allow for operational changes at Talang Santo to better position the mine for a profitable future.
Kingsrose, which in November this year assigned a new CEO, has been focusing on three key areas to improve production at Talang Santo, including improving development rates, recovering remnant pillars to boost short-term production, and ensuring suitable mine planning and production systems are in place.
FTI Consulting said this week that as part of the restructuring process, Kingsrose 85%-held subsidiary PT Natarang Mining will start the process to apply for the suspension of its debt payment obligations in Indonesia.
The administrators will hold the first meeting of creditors within the next eight business days.
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