More than a dozen potential buyers are sizing up Ballarat Gold Mine as its administrators start the process of selling the business.
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An announcement to the Singapore Exchange this week confirmed administrators appointed earlier this year plan on formal commencement of a sale of the mining business Balmaine Gold Pty Ltd - currently owned by Singapore-based Shen Yao Holdings Ltd - and that 15 parties have already been in contact to express their interest.
The May 8 announcement from Shen Yao's Group Executive Chairman and Group Chief Executive Officer Yao Liang states discussions with stakeholders willing to provide for short and/or medium-term funding arrangements are ongoing.
Other documents sighted by The Courier state the administrators have engaged an independent valuer to prepare a detailed listing of company assets and infrastructure, and will soon start stage one of the sale process: placing advertisements formally seeking expressions of interest.
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The Mount Clear mine employs about 200 people.
A creditor - GI 306 Pty Ltd - appointed administrators on March 8 after directors allegedly defaulted on a $25,000 interest payment on a $2.2 million loan.
The company's debt as of the first creditors' meeting on March 21 was about $38 million.
The next creditors' meeting is due for October after administrators successfully applied to the Supreme Court to extend their convening period.
A May 1 update to creditors stated administrators were in discussions with government bodies including the City of Ballarat, Earth Resources Regulation and the Environment Protection Authority to "expedite approval" of a new tailings storage facility regarded as "essential" to ongoing operation of the mine and "of interest to any prospective capital providers or purchasers".
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