Bluestone Global, which owns a number of mining services companies, has entered in to voluntary administration.
The company owns engineering firm ResCo Services, which operates a workshop in Muswellbrook, and Gnomic Exploration Services.
It announced today it has appointed Craig Shepared and Mark Uebergang of KoradMentha as its voluntary administrators and liquidators.
“Following the failure of the company’s rights issue in May 2014 the company has been unsuccessful in securing the necessary shareholder support to repair its balance sheet, and directors have been left with no option but to place the group under external administration,” Bluestone Global said in a company statement.
“The board deeply regrets the inconvenience and disruption that will affect the company’s workforce and its clients,” it added.
It is believed that up to 3000 jobs will be lost.