Rocklands enters administration, Carnaby buys Trekelano from Chinova and Ravenswood owners test the market …
Copper Resources Australia has called in the administrators and its Rocklands operation near Cloncurry is shifting into care and maintenance mode.
Main image: Copper Resources Australia Rocklands operation
The site has a troubled past, having been restarted by CRA three years ago after being placed in liquidation in 2020 after the collapse of its former owner CuDeco Limited.
Still in the district and Carnaby Resources is buying the Trekelano copper-gold project from Chinova Resources to add to its Greater Duchess development in North-West Queensland.
At the same time, it has entered into a binding term sheet agreement with Glencore for tolling and offtake for 100 per cent of the fresh sulphide ore and concentrate from the project.
Further east along the Flinders Highway and the owners of North Queensland’s Ravenswood Gold operation have kicked off a formal sales process to ‘explore market opportunities’ for the asset.
Ravenswood Gold said the move came after the site’s recent outstanding performance, along with strong gold prices and substantial mine life, had attracted significant interest from mining operators seeking investment opportunities.
In response to this interest, joint owners EMR Capital and Golden Energy and Resources have engaged UBS Bank and Azure Capital to manage the sales process.
Thomas Birch, Stephen Earel and Jeremy Nipps of restructuring advisory firm Cor Cordis have been appointed as voluntary administrators.
Cor Cordis has launched an urgent review of Copper Resources Australia’s financial affairs and is evaluating options for restructuring or recapitalisation.
Its operations, located 17km north-west of Cloncurry, include the Rocklands mine and a 2-3Mtpa processing plant.
The site has a troubled past, having been restarted by CRA three years ago after being placed in liquidation in 2020 after the collapse of its former owner CuDeco Limited.
Still in the district and Carnaby Resources is buying the Trekelano copper-gold project from Chinova Resources to add to its Greater Duchess development in North-West Queensland.
At the same time, it has entered into a binding term sheet agreement with Glencore for tolling and offtake for 100 per cent of the fresh sulphide ore and concentrate from the project.
Further east along the Flinders Highway and the owners of North Queensland’s Ravenswood Gold operation have kicked off a formal sales process to ‘explore market opportunities’ for the asset.
Ravenswood Gold said the move came after the site’s recent outstanding performance, along with strong gold prices and substantial mine life, had attracted significant interest from mining operators seeking investment opportunities.
In response to this interest, joint owners EMR Capital and Golden Energy and Resources have engaged UBS Bank and Azure Capital to manage the sales process.