Compass owes $70m to creditors: administrators
The administrators of Compass Resources' Browns oxide plant near Batchelor in the Northern Territory say the company owes at least $70 million to creditors.
The company has gone into voluntary administration, struggling to raise international capital and hit hard by the collapse in global metals prices.
Mining and production operations are still going but are not expected to continue beyond a week and the jobs of about 80 staff are uncertain.
Administrator Ferrier Hodgson's Martin Jones says the mine's situation will be explained at a creditors' meeting.
"It will be in the order of I suspect $70 million or $80 million," he said.
"Now we'll work through those issues with the local community and local creditors and be able to better explain to them the position at a creditors meeting that'll be held in the next week or so, most probably in Darwin."
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