Indochine falls into administration

Subiaco-based gold company Indochine Mining has fallen into the hands of administrators after it failed to attract a party willing to fund its Mt Kare project in Papua New Guinea.

In a statement today, Indochine said its board had taken the decision to appoint Martin Jones, Darren Weaver and Benjamin Johnson of Ferrier Hodgson as voluntary administrators.

Indochine said it had been in advanced discussions with an unnamed party in relation to a funding agreement that would have enabled the company to continue with development of the Mt Kare project.

“Earlier today, the company’s board of directors was advised that the remaining interested party involved in those discussions had withdrawn its offer to fund the Mt Kare project,” it said.

“The company is disappointed that despite its best efforts, a funding agreement for Mt Kare could not be concluded.”

Indochine said it would work with the administrators to help achieve the best possible outcome for its stakeholders.

Indochine was one of several companies to have its shares suspended from trading on the ASX as a result of failing to lodge half-year accounts for the six months to December.