Silver recapitalisation plan

A meeting this week on the Gold Coast could see work resume at a closed silver mine on the Queensland-New South Wales border, the ABC reports.

A meeting this week on the Gold Coast could see work resume at a closed silver mine on the Queensland-New South Wales border, the ABC reports.

A meeting is scheduled for this week to discuss plans to recapitalise Macmin Silver, which was placed in administration in November last year.

Last Friday saw the announcement of a recapitalisation plan was which includes a syndicate of investors.

According to administrator Bryan Hughes, the plan is the best choice for shareholders.

“We have gone through a detailed process of seeking out and teasing out proposals for the company and or its assets, negotiated those with a number of parties and this is the one that is in the interest of creditors and shareholders,” he said.

Hughes said if creditors and shareholders approve the proposal, operations at the Twin Hills Mine could soon re-start.

“The expectation is that with fresh funds coming in and the new feasibility work, that with a bit of luck we will be able to recommence operations and those jobs will be recreated,” he said.

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