Experience

Adaman Resources Group

Experience

Adaman Resources Group

The mining group made the decision to enter voluntary administration, seeking a solution to safeguard its operations and maximise value for its stakeholders.

Adaman Resources Group, a prominent mining company based in Western Australia, owned and operated three gold projects and 46 mining tenements dedicated to the exploration, development, and extraction of gold minerals. The group had a workforce of over 100 employees and engaged numerous contractors.

Due to ongoing commercial challenges, including issues related to ore quality, delays in capital investment projects, and the impacts of COVID-19, the group made the decision to enter voluntary administration, seeking a solution to safeguard its operations and maximise value for its stakeholders.

Under the guidance of Cor Cordis, a successful voluntary administration (VA) process was carried out, along with the implementation of a deed of company arrangement (DOCA). As administrators, we managed the operations of the mine and developed a comprehensive financial model to track all expenses. We also initiated a significant capital expenditure (CAPEX) program to ensure the sustainability of the operation, with the support of the primary secured creditor.

Throughout the trading period and the subsequent restructuring and recapitalisation process, Gilbert + Tobin provided valuable assistance to Cor Cordis as legal representatives. Ultimately, the DOCA led to the successful sale of the Adaman Resources Group, with an estimated value exceeding $70 million.

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