Agents appointed to sell Kagara assets

The administrators for collapsed miner Kagara have appointed PCF Capital to sell the company’s north Queensland assets, while Rothschild Australia will co-ordinate the sale of the Admiral Bay zinc-lead-silver project in Western Australia.

Administrators from Taylor Woodings, acting on behalf of Kagara, said they would market the assets for sale while continuing to consider restructuring poissibilities.

Kagara appointed administrators in April, after it failed to restructure financing arrangements.

The company put its Baal Gammon base metals operation in Queensland into care and maintenance early that month, which was followed up by a shut-down of its Balcooma base metals project, also in Qld, a few weeks later.

Kagara exited nickel mining in February, selling off its Lounge Lizard operation near Kambalda to Western Areas for $68 million, after initially asking for $200 million.

The company launched a comprehensive restructure of operations in March, shedding 130 jobs from its Perth office and North Queensland operations.

Kagara stocks last traded at 12 cents.