CQ mining operation goes into administration
Melior Resources has announced the appointment of a voluntary administrator for its Goondicum mine operations at Monto in Central Queensland.
It is understood about 50 employees are affected by the move.
"In the opinion of the directors of the subsidiaries, the subsidiaries are insolvent or are likely to become insolvent at some future time," the Canadian company said in a statement announcing the administration of its Australian subsidiaries.
"The subsidiaries have been unable to obtain additional funding necessary to satisfy the ongoing cash needs of the business resulting from the continuing production underperformance at the Goondicum mine."
It expressed hope. . .
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