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Large-scale Pilbara gold project Warrawoona calls in receivers despite record high gold prices

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Gold Mining News

Calidus Resources,Marble Bar,Receivership

Only two years after beginning operations at its Pilbara gold project, Calidus Resources has collapsed under debt, even after gold prices recently hit a record high.

Calidus Resources, the ASX-listed company behind a major Pilbara gold mine, has been placed in receivership.Receivers have told the ABC they plan to continue operations on site and hope to sell and recapitalise the business.

Calidus Resources began operations at its Warrawoona gold project, south east of the remote town of Marble Bar in WA's Pilbara region, only two years ago. "Right now it is business as usual at Warrawoona and the associated sites and there have been no job losses," a KordaMentha spokesperson told the ABC.

"At the end of March still owed Macquarie bank $61 million in debt, and to service that debt they had about $8 million of cash in the bank," he said.

 

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