Calidus Resources (ASX:CAI) - Voluntary Administration

Calidus Resources (ASX:CAI), a West Perth-based gold mining company, and certain subsidiaries entered voluntary administration and were placed in receivership by secured creditor Macquarie on 28 June.

The company runs the Warrawoona gold project, one of Australia's youngest gold mines, in WA's Pilbara region.

While the company has not commented on the reasons for its financial issues, experts speculate that challenging mining conditions in the Pilbara — which is notoriously expensive to explore and known for giving inexperienced mining companies trouble due to its ancient, rocky ground — contributed to the over $60 million owed to Macquarie.

Hayden White and Daniel Woodhouse of FTI Consulting were appointed voluntary administrators.

Richard Tucker and John Bumbak of KordaMentha were appointed receivers and said they are undertaking an urgent assessment of operations and would be conducting a recapitalisation and sale process.