Pluton sighs as GNR takes over
PERTH (miningweekly.com) – ASX-listed Pluton Resources’ first ranking secured creditor and major shareholder General Nice Resources Commercial Offshore De Macaw Limitada (GNR) has appointed its own receivers and managers to oversee Pluton’s affairs.
GNR’s move came in response to junior Chinese creditor Rizhao Port Group appointing a receiver to Pluton at the end of last week, a move which the iron-ore junior has been opposing.
It was believed that Rizhao’s decision was prompted by Pluton’s joint venture (JV) partner Wise Energy Group, which at the end of October had tried to remove Pluton as the manager of the Cockatoo Island JV.
Pluton told shareholders on Tuesday that GNR’s receivers had started engagements with the company’s key stakeholders to target the restart of the Cockatoo Island operations, after project house and shareholder Watpac suspended an existing mining services contract at the Cockatoo Island project.
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