Platinum Australia calls in administrators

Platinum Australia has been placed into voluntary administration, citing operational issues at its Smokey Hills mine in South Africa and a costly dispute with a former contractor.

The Perth-based miner and explorer appointed Bryan Hughes of Pitcher Partners as its administrator today.

“It is envisaged that the company will utilise the administration process to restructure its affairs, to consolidates its position and to eliminate legacy issues,” Platinum said in a statement.

“The company has three valuable and worthwhile projects and is assessing how best to realise value from them.”

Further information will be made available to shareholders in due course, the company said.