The board of iron ore miner Pluton Resources has regained control of the company after its major shareholder, General Nice Resources, retired KordaMentha as receivers yesterday.
Troubled iron ore miner Pluton Resources has been restricted from issuing a reduced content prospectus until next year because it failed to comply with reporting and disclosure obligations, the Australian Securities and Investments Commission says.
Iron ore miner Pluton Resources has settled proceedings against junior secured creditor Rizhao Port Group Logistics, which includes the removal of receivers appointed by Rizhao in disputed circumstances last month.
An uncertain future for Pluton Resources' Cockatoo Island iron ore project has led Watpac Civil & Mining to flag a hit to its net profit of between $2 million and $4 million for the 2015 financial year.
Troubled miner Pluton Resources says its major shareholder General Nice Resources has committed to provide extra funding to recommence operations at the Cockatoo Island iron ore project.
Pluton Resources says its major shareholder General Nice Resources has appointed KordaMentha as the company's receivers, after secured creditor Rizhao Port Group Logistics yesterday tried to appoint representatives from FTI Consulting to the same role.
Pluton Resources is in the midst of a battle between creditors, with major shareholder General Nice Resources and secured creditor Rizhao Port Group Logistics fighting over who gets to appoint receivers to the iron ore miner.
Pluton Resources has disclosed that its joint venture partner at the Cockatoo Island iron ore mine wants it removed as manager of the project and has called for it to halt mining operations.
Struggling Perth-based mineral explorer Pluton Resources has announced it intends to raise about $80 million through the issue of about 8 billion shares.
