https://www.engineeringnews.co.za

Macarthur cancels debt facility acquisition

7th December 2015

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

  

Font size: - +

JOHANNESBURG (miningweekly.com) – Owing to the prevailing iron-ore price and the accompanying pessimistic outlook for the market, TSX-listed Macarthur Minerals has withdrawn its proposal to buy the debt facilities of a major international financial institution that were secured over Western Desert Resources’ Roper Bar iron-ore project, located in Northern Territory, Australia.

In addition, Macarthur reported that the A$6-million share sale agreement with GIM Australia to dispose of all the shares of its wholly-owned subsidiary, Macarthur Iron Ore (MIO), has received shareholder approval.

The sale was now moving towards completion and was due for financial close by December 11. MIO owned all Macarthur's Western Australian iron-ore project tenements.

Meanwhile, to further cut administrative costs, CEO Joe Phillips and nonexecutive chairperson Earl Evans have resigned.

The company’s board would now comprise nonexecutive chairperson Cameron McCall, David Taplin as CEO and company secretary and Alan Phillips as executive director.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Trotech
Trotech

Design, Construction and Maintenance of Site Erected, Welded Bulk Storage Tanks for the Petrochemical, LNG, Ammonia and Sustainable fuel Sectors.

VISIT SHOWROOM 
Flanders Electrical SA
Flanders Electrical SA

FLANDERS Southern Africa provides integrated solutions for mining and industrial operations, covering field services, automation, electrification,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.049 0.258s - 140pq - 2rq
Subscribe Now