looks like the new guys are still plugging away with GNR's...

looks like the new guys are still plugging away with GNR's backing..
from Fairfax Business Day - 12/5/2015

Pluton Resources has launched a $49 million bond offer to bolster operations at its flagship iron ore mine and reassess the development of a new project, just seven weeks after coming out of receivership.
In a brief statement to the market on Tuesday, Pluton said it would launch a £25 million ($49 million) senior secured bonds offer through subsidiary Irvine Island Finance Corporation to "fund the advancement of both the company's Irvine Island and Cockatoo Island projects".

Chairman Paul D'Sylva said the 15-year, fully secured bonds, which yield between 10 and 12 per cent, are collateralised by the Irvine Island deposit and guaranteed by Pluton's largest shareholder, Hong Kong's General Nice Resources.

The last 12 months for Pluton have been marred by disputes with some of its unsecured creditors and Wise Energy, its joint venture partner at Cockatoo Island, resulting in the appointment of receivers in November.

While in receivership, Pluton managed to keep operations ticking over at Cockatoo Island and, when control returned to the board in late March, Mr D'Sylva said the high-grade mine remained profitable as prices hovered around $US55 a tonne. The price has since recovered slightly to $US63 a tonne on Tuesday.

Information supporting the bond offer prominently highlights the potential development of Irvine Island with a "business plan" presentation from Pluton noting $35 million of the funds raised from the offer would be used to advance the project with a target for first production set for 2022.

However, Mr D'Sylva said the allocation of the funds raised would be at the discretion of Pluton's board, and Cockatoo Island remained the company's priority.