Gold miner Eastern Goldfields has confirmed that the Supreme Court of Western Australia order to wind up the company has been dropped.
With the August 15 order withdrawn, the winding up process has been terminated and the company is returned to its directors, Eastern Goldfields explained.
“The winding up order followed an application by Genalysis Laboratory Services to wind up the company, on account of non-payment of moneys for services rendered in the amount of approximately $383,000,” Eastern Goldfields said in an ASX announcement.
“The company was in ongoing discussions with Genalysis in relation to the payment of this amount, which was made on the day on which the court heard Genalysis’ application and made its order.”
The application to set aside the winding up order was made on the basis the funds claimed by Genalysis had been paid, that Eastern Goldfields is solvent, and the creditors and shareholders of the company would be prejudiced is the winding up was not terminated, it added.
Eastern Goldfields chairman Michael Fotios said it was a good outcome for the company’s employees, investors and contractors.
“Our focus has been on building Eastern goldfields into a premier Australian gold producer through the recommencement of mining at the Davyhurst mining hub,” Fotios said.
Eastern Goldfields reported that it had completed its first carbon-in-pulp (CIP) gold pour at the recently commissioned Davyhurst processing plant just a day before the Supreme Court made the winding up order.