Kaboko Mining into receivership

Junior manganese miner Kaboko Mining has been placed into receivership, nine months after a falling out with its major funding partner, Noble Resources.

The West Perth-based company said today that John Bumbak and Cliff Rocke of KordaMentha were appointed receivers and managers on April 16.

The appointment came despite Kaboko winning a court dispute with Noble in February.

The court set aside a statutory demand served on Kaboko last November for immediate repayment of $US6.3 million.

The statutory demand followed a notice of default issued last July, based on alleged breaches in respect of a $10 million pre-payment and off-take facility Noble had arranged with Kaboko.

The falling-out with Noble came several months after the miner completed its initial manganese sale to Noble, from its mine in Zambia.

The dispute with Noble left Kaboko short of funds; at June 30 2014, when it last reported, Kaboko had just $46,000 cash on hand.

Subsequent to the notice of default, certain directors and associates of Kaboko loaned the company $150,000 so it could continue operating.

The company’s directors include executive director Tokkas van Heerden and non-executive director Paul D'Sylva, who joined the board in 2013.