Grant Thornton has advised that the newly appointed receivers and managers of Aurora Metals are inviting expressions of interest for the purchase of the base metals company and its assets.
Grant Thornton is an independent assurance, tax, and advisory firm. Aurora Metals was a gold and base metals developer that operated the King Vol zinc mine, the Mungana underground zinc mine and its processing plant in north Queensland.
In early July, Grant Thornton partners Philip Campbell-Wilson and Said Jahani were appointed as receivers and managers of Aurora Metals, after the administrators were appointed. Aurora Metals collapsed into administration around the same time.
Since Campbell-Wilson and Jahani were appointed, Grant Thornton said they have helped to stablise a key workforce and are working with the Queensland Government to meet their expectations and to best determine the future of the mining interests while maintaining a high standard of care for them.
Now they will proceed towards creating a sale campaign of Aurora Metals and its assets.
“Aurora’s mining operations have a significant land holding in Queensland, with tenements on four mines and a variety of licenses and exploration permits, and we expect the sale to be swift,” Campbell-Wilson said.
According to the Australian Financial Review, the receivers were now open to receiving bids for Aurora Metal’s zinc, copper, lead, gold and tin projects, and its accompanying processing plants and mining infrastructure.
However, the receivers and managers said that 100 per cent cash offers would have an upper hand over other deal structures, including a deed of company arrangement. They will be accepting non-binding indicative offers until August 21 5:00pm (AEST).
Subject to the nature of the offers and their proposed structures, the receivers and managers may consider transactions with multiple parties for different operations and assets of Aurora Metals.