Ann: Gascoyne Resources Update, page-22

Some more background to Habrok in case anyone else is interested.... (@Justgold78 you might be, and FYI I would paste this to GCY thread as well - as background info - except I am banned from that thread  - cheers)


..After Habrok’s parent company, Remagen, bought Watpac Civil & Mining at book value on December 21, 2018 [here], it changed  the name  to Indus two days later.
(Meanwhile back in 2016 Indus Energy - IND- in 2016 tried to acquire Battler and other projects from IMD but failed [here]. ....


However, a few years later,  Habrok (Battler Pit ) agreed to pay  IMD $4M for the Battler project from  Perth-based explorer IMD Gold under a contract struck in April, 2019 and financially settled in early September (?)[here] and [here]

Ten months later Indus was placed into administration [see here] on October 23, 2019 owing $40M due to delays.
(curiously IND - Indus Energy was also placed into administration just two weeks before on October 8, 2019 [see here]

Spoiler : West Australian 5/11/19

https://thewest.com.au/business/con...e-companys-main-client-battler-ng-b881372458z
Three former Indus directors linked to failed mining service company’s main client Battler

Neale PriorThe West Australian
Tue, 5 November 2019 2:00AM
Neale Prior


Indus Mining Services — known as Watpac Civil and Mining until late last year — is in the hands of administrators less than a year after being sold in a takeover.

A trio of former directors of collapsed Indus Mining Services are on the board of a company that has been the failed contractor’s main customer for three months.
Former Indus directors Simon Raftery, Russell Hall and Vahid Haydari are listed as being directors of Habrok (Battler Pit) Pty Ltd, which paid $4 million for the Battler project about three months ago.
The three men quit Indus in late August as the contractor was kicking off work to get the Battler open pit project into production.
Corporate turnaround consultant Jon Howard called administrators into Indus 11 days ago with up to $3 million owed to unsecured creditors.
The contractor’s biggest unsecured creditor has staked a claim over Battler, 14km south-east of Southern Cross.
About $40 million is claimed by Mr Raftery’s Sydney-based Remagen Finance & Leasing, which is also the ultimate owner of Indus and Habrok.
Habrok is believed to have paid an unlisted Perth-based exploration company $4 million for Battler about three months ago.
Habrok is awaiting stamp duty processing for Battler to be transferred into its name.
Mr Raftery and the Perth-based Mr Haydari and Mr Hall have been listed as Habrok directors since April, along with Mr Raftery’s colleague Marc Logan.
Administrators have continued Indus’ work on Battler for Habrok while they await a restructure proposal from Remagen.
But Southern Cross contractor Westdrill has lodged a plaint over the project as it tries to get paid for almost $700,000 of work done on Battler through Indus.
Westdrill adviser John Thomson, a West Perth accountant, said he wanted the examine any arrangements between Indus and Habrok given the similarities in ownership and boards.
“It’s not as if they’ve shut up shop — they’re now mining a very profitable project,” he said.
Administrator Todd Gammel said he had been told the directors had resigned late August because they wanted “an independent party in there to help”.
He said his inquiries would include checking whether there were commercial terms to contracts between related parties.
Mr Raftery declined to comment. Mr Hall and Mr Haydari could not be contacted.

23/11/2019
https://thewest.com.au/business/her...agle-ready-to-light-up-battler-ng-b881385515z
.... “ Oh, to be a barfly on the wall in Southern Cross this weekend as business operators go through the report to creditors of Battler gold mine’s failed contractor Indus.
While Indus employees may get paid in full, a restructure proposal put forward by Indus’ financial backer Remagen will have unsecured creditors lucky to get 11¢ in the dollar on upwards of $3 million in debt.
The collapse of Indus last month hit businesses in Southern Cross particularly hard, with Westdrill owed about $700,000.
Westdrill, headed by Myles Anderson, has staked a claim over Battler as part of a move to examine the close relationship between Indus, project owner Habrok and Simon Raftery’s Remagen.”


All a bit odd especially considering on May 27 the ABC reported ‘Indus Mining’ (once Watpac) is alive and well and about to take/or had just taken on restarting a joint venture iron mine out of administration

... “ The ABC understands KMG is in talks with Indus Mining Pty Ltd, previously known as Watpac Civil & Mining, to manage the project in a joint venture.
The new managing director of Indus, Ben Van Roon, who has almost 20 years of experience in the iron ore industry, said the company was working towards a restart at Ridges in July.
"We're looking at potentially forming a joint venture whereby Indus would be project managing or sub-contracting out parts of the operation," he said.
"Those negotiations are still ongoing but we're hoping to come to an agreement in the coming weeks."
https://www.abc.net.au/news/rural/2020-05-27/ridges-iron-ore-mine-gold-valley-investigation/12278526


Cheers