Development activities at Windimurra Vanadium's namesake project in the Mid West have been suspended as the company falls into receivership.
This afternoon, Martin Madden and Brian McMaster of KordaMentha were appointed joint receivers for the company, which earlier today was placed into administration.
Mr McMaster told WA Business News that some 250 contractors working at the project would be redeployed while talks were continuing with some 50 Windimurra employees.
He said over the next few weeks, KordaMentha will develop a plan to move the assets andl then go out to the market to look for interested parties to participate in the plan.
He also confirmed that a syndicate of secured creditors, owed some $US125 million, called in the receivers.
In December, the company said its namesake mine would be delayed due to the late supply of equipment and materials, and delays in approvals.
The delay resulted in Windimurra needing an additional $81 million to cover more construction labour and an increase in fixed costs.
At the time, Windimurra hoped the project would be commissioned to produce ferrovanadium in the second quarter of 2009.
