Kagara Mining employees paid out

Former employees of the folded company Kagara Mining have received their full entitlements, following the sale of assets to a private equity firm.

Administrator FTI Consulting said they had paid out $16 million in entitlements to 325 Kagara employees.

In addition, $9.5 million has been reimbursed to the federal government for interim financial support provided under the Fair Entitlements Guarantee scheme.

Kagara Mining claimed bankruptcy in 2012, when it blamed falling zinc and copper prices and the strengthening Australian dollar for having to go into voluntary administration, which took place under Taylor Woodings.

Prior to administration the company sacked 130 workers in order to continue operations.

Kagara’s Baal Gammon mine was purchased and restarted by Monto Minerals in 2014, with the silver and copper operation run by Snow Peak Mining.

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