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
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/12278526Cheers
(20min delay)