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Gold miner's creditors to get payout
Posted 1 hour 5 minutes ago
Updated 1 hour 6 minutes ago
Map: Bendigo 3550
The creditors of a central Victorian gold mining company will get the $1 million they are owed.
Greater Bendigo Gold Mining (GBGM) closed its mine and processing plant at Inglewood, north-west of Bendigo in October.
Sixteen people lost their jobs and the unsecured creditors of the mine were left without their payments.
Administrator Matthew Donnelly says an investor has agreed to help the parent company of GBGM pay the debt.
"The deed provides for a payment of $625,000 by the 30th of April this year, that'll be sufficient to pay the costs of administration, pay employees in full, which is a fantastic result, and give about 50 cents to the dollar to the company's ordinary creditors, or trade creditors," he said.
"There's a further payment to be made in March next year."
The creditors will vote on the proposal next week.
Tags: company-news, gold, vic, bendigo-3550
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