Straits' Indonesian arm files for bankruptcy
PERTH (miningweekly.com) – The Indonesian arm of ASX-listed Straits Resources, and the owner of the Mt Muro gold project, has turned to the Indonesian courts to declare voluntary bankruptcy.
Straits executive chairperson Andre Labuschagne said on Friday that bankruptcy had always been the least preferred outcome for PT Indo Muro Kencane (PT IMK), adding that since the operation had been placed on care and maintenance in August, the company had sought a buyer for the operation.
However, despite interest from numerous parties, Straits has been unable to finalise a sales agreement.
The Mt Muro operations were shut after PT IMK failed to progress the mine to a cash positive status. The team had implemented a number of positive measures, including the redesign of the mine plan to reduce waste movements without affecting gold production.
However, a number of unforeseen challenges had impacted on the timing of the Mt Muro project becoming cash-flow positive, including the falling gold price and the impact of illegal miners.
“The process of obtaining court approval for PT IMK to be declared bankrupt can take up to 60 days. Once approved by the Indonesian Commercial Court, PT IMK will move into administration and be managed by a court-appointed curator,” Labuschagne said.
He added that PT IMK being declared bankrupt would have no impact on either the legal status of Straits, or on the company’s solvency.
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
ALBIS FLANGES — founded in 1965 — is a petro-chemical approved manufacturer of flanges and fittings in most grades of steel, listed with Sasol,...
VISIT SHOWROOM
Sulzer South Africa, established in 1922, partners with critical industries like power, oil & gas, water, mining, and chemicals to boost...
VISIT SHOWROOM
Press Office
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
