29/10/2020 - 16:03

Cockatoo Island mine gets new owner

29/10/2020 - 16:03

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A private Hong Kong-based entity is purchasing a high-grade iron ore mine on Cockatoo Island from its former owner, Pluton Resources.

Cockatoo Island mine gets new owner
Pluton Resources is selling its tenements on the Cockatoo and Irvine islands. Photo: cockatoois.com

A private Hong Kong-based entity is purchasing a high-grade iron ore mine on Cockatoo Island from its former owner, Pluton Resources.

The Cockatoo Island hematite mine – Pluton’s flagship asset – is situated 200 kilometres north of Broome, off the Kimberley coast.

The troubled Perth-based company had first entered administration in 2015, having since involved more than 15 insolvency specialists. Its current receiver is Auxilium Partners.

Cockatoo Island Mining will acquire the Cockatoo Island mine along with Pluton’s tenements on Irvine Island.

The deal is separate to one being pursued by Carbine Resources, which is pursuing other tenements on Cockatoo Island from another entity, Cockatoo Iron.

Cockatoo Island executive director Frank Meng said the business would begin mining operations as soon as possible.

“This will involve the employment of hundreds of Western Australians, both in the establishment and continued operation of the mine,” he said.

“The high-grade iron ore will also result in significant royalty returns to the state.”

Cockatoo Island Mining is being advised on the deal by Pragma Lawyers.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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