17/09/2008 - 22:00

IN BRIEF

17/09/2008 - 22:00

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IN BRIEF
Another gold miner in administration THE Australian gold division of Toronto-listed company GBS Gold International Inc has been placed into voluntary administration after it defaulted under its current debt financing arrangements. GBS Australia Pty Ltd and its Australian subsidiaries have appointed Andrew Saker, Darren Weaver and Martin Jones of Ferrier Hodgson as administrators. In a statement, the company said it had production issues and subsequently weaker cash flows from several mining operations in the Northern Territory. As well as production problems at its various mines, including its Brocks Creek underground mine and its Chinese South open pit mine, the company noted its “inability to secure appropriate financing in the current market conditions”. GBS said claims by creditors had been delayed with the principal aim of allowing the Australian subsidiaries to be restructured and recapitalised with a view to being able to continue their business. GBS Gold Australia is the latest in a string of gold and base metals company being placed in administration. Earlier this year, gold miner View Resources slid into receivership and subsequently de-listed from the ASX, while the Michael Kiernan-led Monarch Gold Mining Company Ltd was also placed into administration

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