The Australian company owning and operating the Lindi Jumbo graphite mine in Tanzania has gone into voluntary administration.
Jeremy Nipps and Tom Birch of Cor Cordis were appointed joint and several voluntary administrators for Walkabout Resources, Walkabout Australia and Reveal Resources.
Gemcorp Fund I, a senior secured creditor to Walkabout, has appointed Richard Tucker and Paul Pracilio as joint receivers and managers of the same three companies.
Walkabout said that KordaMentha intended to operate the Lindi Jumbo mine and processing plant on a business-as-usual basis while reviewing operating and recapitalisation options.
KordaMentha has secured a A$10-million funding facility from Gemcorp to support Walkabout’s ramp-up and to meet costs to ensure continuity of operations.
Walkabout’s shares will remain in suspension for the duration of the administration process.
Edited by: Creamer Media Reporter
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