News: A1M FOCUS-Smaller miners' hunger for cash grows as copper prices fall, sparking M&A bets, page-3

The remains of Aurora Metals are up for sale by receivers, ad in today's AFR.






A quick search of the interweb throws up:

KordaMentha recently began administering the sale of Aurora Metals, which financially collapsed at the end of June 2023. Restructuring partner Tony Miskiewicz revealed Aurora owed more than $280 million, 70 per cent of which comprises of claims from major client China Railway Materials and one of its subsidiaries.

The proponent’s bank account contained no cash, employees were owed weeks of wages and catering was unable to sustain the original 195-strong workforce at the time of publication.

The following underground mines are affected: Mungana, 220km west of Cairns; King Vol, 244km west of Cairns; Mount Garnet, 109km southwest of Cairns. Operations have been in care and maintenance since May 2023. The proponent previously entered voluntary administration during 2017, 2016 and 2012.

https://www.amsj.com.au/far-north-qld-mines-collapse-with-280m-in-debt/

MiningLink adds detail, (of mined ore) "13 percent is zinc, 1.3 percent lead and 2.2 percent copper", though this statement looks very old and likely redundant.

https://www.mininglink.com.au/mine-details/mungana

The Chinese couldn't make the business pay, even after sinking buckets of money into it. I don't presume to say AC & team should race over and scoop it all up, just because it is reasonably near A1C's operations - the receivers will insist on ready cash and the buyer will need to abundant capital to build the operation.

However, introducing new holders will change the ownership tensions in the area and may bring fresh energy to FNQ mining. Then again, if AC lobs an outrageously low bid and wins, A1C would look quite different. His aggression is notorious.

For all I know, Aurora is garbage. Anyone have a view?

Ash