MMN macmin silver ltd

silver mine creditors owed $16m

  1. 247 Posts.
    Silver mine creditors owed $16m

    Posted Thu Nov 13, 2008 12:19pm AEDT
    Updated Thu Nov 13, 2008 12:18pm AEDT

    Administrators for a silver mine near the Queensland-New South Wales border say creditors are owed about $16 million.

    Macmin Silver Limited and its subsidiary Texas Silver Mines were placed in administration 10 days ago, because the Twin Hills project at Texas consumed more working capital than expected.

    Chris Munday from administrators Pitcher Partners says US-based equity firm Cornell Partners is the largest creditor, with $12 million outstanding.

    Mr Munday says he expects the silver venture company to sell quickly.

    "The sale of the company is being advertised nationally," he said.

    "The assets have a book value of $30 million, so we should get a good result."

    A second meeting of creditors will be held next month.
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