How a $600,000 debt could have sunk a $292m gold mine
Mark Rowsthorn and Simon Raftery used a slice of debt to try to liquidate a West Australian mine which hoped to produce 400,000 ounces of gold in seven years.
Gascoyne Resources' Dalgaranga gold mine and processing plant. Investors overwhelmingly supported a recapitalisation plan. Gascoyne Resources
On March 11, a few days before Melbourne entered the first stage of its epic pandemic lockdown, one of the city's most experienced corporate executives, Mark Rowsthorn, arrived at a discreet city restaurant to buy a gold mine.
The Toll Group co-founder, former Asciano CEO and Rivet Group executive chairman wanted Dalgaranga, a million-ounce deposit near Mount Magnet, Western Australia's oldest gold-mining town.
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