KordaMentha appointed to oversee voluntary administration of True North Copper

Administrator KordaMentha have been appointed administrators of a mining company that was developing projects in the North West Minerals Province.

True North Copper has been placed into voluntary administration.

A junior copper explorer in the midst of developing historical deposits in the North West Minerals Province has been placed into voluntary administration.

Richard Tucker and Tony Miskiewicz from KordaMentha have been appointed to administrate True North Copper Limited and four associated entities, after negotiation with the company’s debt provider and largest shareholder.

In an Australian Stock Exchange statement the company said the decision came just as they were beginning mining activities at Cloncurry Copper Project, and after using state government funding to find promising targets for on-site drilling.

“The Directors wish to thank all of the Company’s employees and consultants as they have worked tirelessly to accomplish the above,” the statement said.

“The local community is also highly supportive of the Company and its operations in the region.

KordaMentha has appointed Richard Tucker (pictured), as well as Tony Miskiewicz to oversee the voluntary administration of True North Copper.

“With cash resources running down and no prospects of being able to draw on existing facilities or raise additional equity or debt before the scheduled AGM the Directors appointed the Administrators.”

Early this month the chief financial officer Craig Gouws resigned for “personal reasons” but was retained as a consultant when needed while a replacement was found.

And in July a founding director, Marty Costello, left the company after overseeing the transition of the company going public on the ASX.

Truth North Copper's plan for the Great Australia Mine in Cloncurry.

KordaMentha’s partners Richard Tucker, Perth, and Tony Miskiewicz, Townsville both specialise in restructuring.

Mr Tucker had been awarded for a successful restructure of Paladin Energy as well as a restructure of Mirabela Nickel, and his motto was “whatever it takes to get the right solution for all stakeholders.”

Meanwhile, Mr Miskiewicz prided himself on a hands on approach, having been involved in restructuring experience of more than 25 years in North Queensland.

His view was that “empathy and integrity are critical to our outcomes.”

Originally published as KordaMentha appointed to oversee voluntary administration of True North Copper