Red River Resources Limited
Red River Resources Limited
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Australian mining services group Metarock Group faces a likely $A9M adverse impact on its FY23 EBITDA following the failure of Red River Resources’ subsidiary Cromarty Resources.
The collapse of Cromarty and its Thalanga zinc-copper-lead mine in N Qld will result in a $5.7M debt writedown by Metarock’s contracting business PYBAR on top of incurred costs for equipment demobilisation and staff termination payments.
Australian miner Red River Resources has fallen into administration, following the earlier closures of its Thalanga zinc-copper-lead mine and its Hillgrove gold mine in Queensland.
The appointment of administrators Jeremy Joseph Nipps, Barry Wight and Thomas Birch of Cor Cordis also covers wholly owned subsidiaries Hillgrove Mines, Forth Resources and Hebrides Resources.
Australian underground mining contractor PYBAR has signalled it will seek recovery of over $A7M over the appointment of administrators and shutdown of the Thalanga zinc-copper-lead mine in N Qld.
PYBAR has provided mining services to Red River Resources subsidiary Cromarty Resources since the mine was reopened 65km SW of Charters Towers in 2017.
Australian miner Red River Resources’ Thalanga zinc-copper-lead mine has followed its Hillgrove gold mine into limbo, with the administrators appointed last week to its operating subsidiary Cromarty Resources placing the N Qld project into care and administration.
Australian miner Red River Resources has appointed administrators to its subsidiary Cromarty Resources, owner and operator of its Thalanga operations in N Qld.
RVR says the appointment of Michael Ryan, David McGrath and Kathryn Warwick of FTI Consulting as administrators was necessary to deal with the risk of insolvency due to the mine’s under-performance since a fall of ground at Thalanga in early Aug.
Australian miner Red River Resources has appointed administrators to its Thalanga zinc-copper-lead mine to tackle threats to its solvency due to continuing performance issues following a fall of ground incident nearly three months ago.
Australian miner Red River Resources has begun a shutdown of operations at its Hillgrove gold mine, transitioning to care and maintenance while it undertakes a detailed study on its future options.
The mine 30km E of Armidale in NSW produced just 216oz gold from tailings residues and recovered through the carbon-in-leach process in the June qtr (Q4FY22), taking its total for the year to 2,006oz.
Australian miner Red River Resources has lowered its Sept qtr (Q1FY23) production guidance for its 100%-owned Thalanga Far West base metal mine to 45,000-55,000t following a fall of ground nearly four weeks ago.
The mine 55km W of Charters Towers in N Qld produced 101,000t of mined ore in the June qtr, prior to the incident.
In addition to lost production during the suspension of operations, Red River says it still has to devise a plan to extract ore from three affected levels and will face a lengthy ramp-up to normal rates.
Australian miner Red River Resources has resumed underground mining operations in the Far West underground mine at its Thalanga base metal operation in N Qld, over two weeks after a fall of ground led to its suspension.
The company says the mining schedule at Thalanga is now being reviewed.
Australian miner Red River Resources has suspended underground mining operations in the Far West underground mine at its Thalanga base metal operation 55km W of Charters Towers in N Qld after a fall of ground.
Red River says an operator was discharged with no serious injuries after a precautionary medical examination.