The profit from uranium sales was barely enough to cover costs...

The profit from uranium sales was barely enough to cover costs let alone repay loan. There is a reason why they initiated the asset sell downs, they had no way of repaying that debt. Administrators are there so creditors can pull the plug and get their money back, they work for them and not for shareholders.

There is a good chance that CNNC buys this mine for dirt cheap, they may have even persuaded lenders to force the default, perhaps guaranteeing them purchase of the mine. This is pure speculation, but i guess we wait and see how it folds out.