Copper Resources Australia has called in the administrators and its Rocklands operation near Cloncurry is shifting into care and maintenance mode.

Thomas Birch, Stephen Earel and Jeremy Nipps of restructuring advisory firm Cor Cordis have been appointed as voluntary administrators.

Cor Cordis has launched an urgent review of Copper Resources Australia’s financial affairs and is evaluating options for restructuring or recapitalisation.

Its operations, located 17 km north-west of Cloncurry, include the Rocklands mine and a 2-3Mtpa processing plant.

The site has a troubled past, having been restarted by CRA three years ago after being placed in liquidation in 2020 after the collapse of its former owner CuDeco Limited.

“A decision has been made to immediately transition the company’s Rocklands mine project into care and maintenance, allowing the administrators the necessary time and resources to explore opportunities to recapitalise and/or restructure the company,” Mr Birch said.

“To support this process, we have engaged Argonaut PCF to assist with the sale and restructuring efforts.

“In addition, we have retained Copper Resources Australia’s senior management team, along with a dedicated care and maintenance team, to safely manage the transition of the Rocklands mine project into care and maintenance.

“These teams will ensure compliance with all relevant state and federal regulations and continue to meet the company’s licensing and reporting obligations.”

Mr Birch said the administrators would continue to engage with all key stakeholders during the voluntary administration process. The first meeting of creditors will be held on December 3.

Copper Resources Australia is part of the Mt Cuthbert Group, which also includes Mt Cuthbert Resources. 

It is the latest in a string of North-West Queensland copper operations grappling with financial problems.

True North Copper yesterday announced it had successfully completed a fully underwritten $50.3 million placement as it claws back from administration with a recapitalisation plan.

Related: True North shores up funding for fresh start

The company’s assets include the Cloncurry Copper Project where it operates an SX plant at the Great Australia complex and had started mining at the Wallace North pit shortly before the administration. It also holds the high-grade copper-silver-cobalt Mount Oxide project.

Chinova Resources recently emerged from a period of receivership and Austral Resources Australia was also able to negotiate a debt restructuring deal mid-year after receivers and managers were appointed in May.