AMSJ » Four years of losses shut down mine

Four years of losses shut down mine

Peko mine
Peko mine

A struggling mineral processor collapsed after losing more than $23.5 million.

Elmore recently appointed KPMG restructuring director Clint Joseph as well as turnaround partners Matthew Woods and Martin Jones as voluntary administrators.

The difficult decision was reached after the proponent recorded four consecutive years of financial loss at the Peko mine.

Affected employees will continue to be retained and paid their wages until a new strategy has been reached.

Each of the administrators will be paid $858 an hour according to a February 2024 letter to creditors.

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