Aurora Metals - Voluntary Administration

Aurora Metals, a North Queensland-based mining company, entered voluntary administration on 30 June, along with eleven related companies. The companies collectively own and operate several mines in Queensland that produce a variety of commodities including zinc, copper, lead gold and silver. Operations at the mines ceased during June 2023 due to financial difficulties and mine operations were placed on care and maintenance. Pit N Portal, a contractor and secured creditor to Aurora, indicated it would not continue providing care and maintenance services unless the company was able to secure funding to pay for the provision of those services. The directors of Aurora refused and Pit N Portal then took steps to appoint administrators. David Osborne, Richard Tucker and Tony Miskiewicz of KordaMentha were appointed joint administrators. Avior Capital is providing up to $10 million in working capital funding for the administrations on the condition that the secured creditor continue to provide critical care and maintenance of the companies’ key projects. Full report.