GEARing up: Ravenswood backers granted brief reprieve

The owners of Queensland’s Ravenswood gold mine secured a last-minute extension from lenders to avoid a potential receivership, after disputes between shareholders and mounting operational concerns pushed the heavily leveraged project to the brink. EMR Capital and Indonesia’s Golden Energy and Resources reportedly had until today to deliver an approximately $40 million payment and commit to refinancing roughly $1.3 billion in debt, failing which secured lenders are understood to be prepared to appoint receivers from KordaMentha, with GEAR emerging as a potential acquirer after already purchasing part of the mine’s debt exposure and reviewing prior sale process diligence.

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