Great Basin Gold’s American subsidiary seeks creditor protection
TORONTO (miningweekly.com) – Insolvent Canadian miner Great Basin Gold’s subsidiary Rodeo Creek Gold and certain of its affiliates filed for creditor protection under the US Bankruptcy Code Chapter 11 restructuring proceedings in Nevada on Monday.
The company said, through this legal process, Rodeo Creek sought to auction their assets and operations, including the Hollister mine and the Esmeralda mill as a going concern, while stabilising the operations and maintaining employment and current benefits programmes.
The companies said they expected no interruptions in day-to-day business and remain focused on continuing their trial mining operations at the Hollister gold mine and related ore milling at Esmeralda.
Great Basin, which itself is in creditor protection proceedings in Canada, said in order to ensure continued access to funds to maintain operations and pay vendors, the filing would allow the company to seek court approval for a $9-million debtor-in-possession facility.
Great Basin’s embattled South African subsidiary Southgold Exploration in September last year filed for bankruptcy protection under the South African business rescue procedures.
The announcement followed short on the heels of its parent suspending all mining operations at the Burnstone mine in the country’s Witwatersrand basin, citing its inability to afford the mine’s required working capital to reach cash-flow break even by May this year.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.
VISIT SHOWROOM
Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
