Graphite junior Valence in administration
JOHANNESBURG (miningweekly.com) – Graphite junior Valence Industries has gone into administration.
The ASX-listed company announced on Monday that Laurie Fitzgerald and Michael Humphris of William Buck had been appointed administrators, effective from July 15.
Valence, a vertically integrated manufacturer of specialist graphite products, suspended operations at its South Australia-based Uley plant in December, citing a tough financial situation.
Under the leadership of a new MD and CEO, Robert Mencel, the company in March this year announced a financing plan, aimed at addressing its balance sheet.
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