Australian company Walkabout Resources, which owns and operates the Lindi Jumbo graphite mine in Tanzania, has entered voluntary administration.
Jeremy Nipps and Tom Birch of Cor Cordis were appointed as joint voluntary administrators for Walkabout Resources, Walkabout Australia, and Reveal Resources.
Gemcorp Fund I, a senior secured creditor of Walkabout, has also appointed Richard Tucker and Paul Pracilio as joint receivers and managers of the three companies.
Despite the administration, Walkabout stated that KordaMentha would continue operating the Lindi Jumbo mine and processing plant under business-as-usual conditions while evaluating operational and recapitalization options.
To support the ramp-up process and cover ongoing operational costs, KordaMentha has secured a A$10-million funding facility from Gemcorp.
As the administration process unfolds, Walkabout’s shares will remain suspended.
