Matrix Metals in administration

Copper miner Matrix Metals today appointed Vince Smith and Justin Walsh of Ernst & Young as voluntary administrators, after being squeezed by falling copper prices and debt repayments.

The recent significant decrease in copper prices has resulted in the requirement for a substantial partial repayment of a provisionally paid invoice from Glencore International AG, which was due to be repaid at the close of business yesterday.

Additionally, based on current copper projections, there are likely to be further partial repayments over coming months of other provisionally paid invoices, for which Glencore International AG has previously remitted funds to Matrix.

Following discussions with Glencore last week, the board had hoped it would be possible to restructure arrangements with Glencore such that Matrix would be bale to continue to trade.

However, Matrix has now found this will not be possible within a reasonable time period.