Tamaya, Iberian call in administrators

Some 16 months after it acquired a majority stake in former West Perth resident Iberian Resources Ltd, Sydney-based Tamaya Resources Ltd has placed itself and its subsidiaries into voluntary administration.

The company blamed the "unprecedented collapse" in copper prices over the past two months, which made it impossible for it to repay debt to lenders and operate its Punitaqui mine in Chile in an "orderly manner".

"... as a result the company has been left with no choice by to enter voluntary administration from where it hopes to engage with all stakeholders in an effort to maintain orderly operations," Tamaya said.

Keiran Hutchison and John Gibbons from Ernst & Young have been named as administrators.

Tamaya secured an 86.2 per cent interest in Iberian in June last year in its takeover bid. Iberian was de-listed from the stock exchange late last year.

Shares in Tamaya last traded at 1.4 cents.