Indochine Mining has released an announcement on their website.
The DOCA has been effectuated and it is out of voluntary administration.
The company is waiting on a decision regarding Mt Kare, as the PNG Supreme Court has been delayed due to Covid.
Indochine is also looking at other strategic opportunities for its shareholders in addition to Mt Kare.
Since the gold price is at $US1,700/Oz+ today compared to $US1,180/Oz back in 2015, it is a good time to be developing gold mines.
Keep an eye on Indochine's website for more updates.
Indochine Mining - Homehttp://www.indochinemining.com/_literature_255599/Completion_of_Deed_of_Company_Arrangement_and_Company_UpdateJudgement in the Papua New Guinea Supreme Court
appeal (Appeal) heard by a 3-judge bench on
26 February 2019 is still pending, with court timetables
impacted by COVID-19.
• Strategic opportunities being evaluated by directors.• Morgans Corporate Limited (Morgans) to
assist in
relation to funding and in developing value creating
opportunities for shareholders.Indochine Mining Limited (Indochine, or the Company) is
pleased to announce that the
Deed of Company Arrangement
that was executed on 4 June 2015 was completed on 19 January
2021,
at which time KPMG acting as the Deed Administrator
retired and handed control of Indochine back to the Company’s
Board of Directors.Indochine provides the following update to shareholders, other
stakeholders and potential future investors.
New Indochine Board and Management Team
Brian Rodan – Executive Chairman
Jon Edwards – Non-Executive Director
Johnathon Busing – Non-Executive Director
Sebastian Andre – Company Secretary
Government and Landowner Engagement
As previously announced, in 2019,
Indochine received an open letter of support from the Mt Kare landowners
expressing their desire for Indochine and Summit to recommence operations at the Project. The letter was
dated 12 November 2019 and it was signed by 156 landowners of Mt Kare. A copy of the letter is available
on the Indochine website (www.indochinemining.com)
In December 2019, Indochine, Summit and KPMG representatives met with PNG Prime Minister, Honorable
James Marape MP, and the Governor of Enga Province, Grand Chief Sir Peter Ipatas MP GCL KBE, in Port
Moresby. The purpose of the meeting was to re-affirm Summit’s commitment to the Mt Kare Project, should
Summit succeed in the Appeal.Whilst the Parliament House meeting was cordial and constructive it was confirmed that no further
development of the Mt Kare Project could take place until the Supreme Court delivered its final judgement
in respect to the Appeal.
