David Winterbottom

West Perth-based Red Fork Energy, which has raised $125 million from investors over the past three years to support its shale drilling program in the US, has collapsed after losing the support of its major lender.

Perth exploration firm Mirabela Nickel has confirmed it has left the hands of administrators and has appointed a new chief executive officer.

Mirabela Nickel has reported a 14 per cent drop in nickel production for the March quarter as the cash strapped company seeks to undertake a complex restructuring.

Mine site water infrastructure group GFR has become the sixth Perth-based company to call in administrators in as many weeks, citing deteriorating trading conditions and significant contract delays.

Mirabela Nickel has proposed a complex restructuring that involves placing the company into administration, raising new capital and implementing a debt-for-equity swap that will leave current shareholders owning just a small fraction of the embattled mining company.