Photo by: Bloomberg
PERTH (miningweekly.com) – The administrators of embattled contract miner Forge have retrenched about 1 300 of the ASX-listed company’s employees across power stations and mining projects in Western Australia and Queensland.
KordaMentha Restructuring’s Mark Mentha said on Thursday that there were no funds to pay employees and no work to perform.
KordaMentha Restructuring has been appointed receivers and managers of Forge, after the company voluntarily went into administration as a result of significant cost overruns.
Mentha said that Forge’s international business units in South Africa, Asia and the US would operate as usual, pending the sale of those units, while the Australian operations would be assessed on a project-by-project basis.
Forge previously employed 1 753 staff in Australia, mostly in the construction division, with some 814 staff members overseas.