Bounty Mining Ltd. appointed Robert Hutson and Jarrod Villani of KordaMentha as voluntary administrators for the coal miner, effective Dec. 17.
The appointment follows a period of depressed coking coal prices and production shortfalls, and the board has been unable to secure additional funding, the company said.
This was followed by the company's primary lender appointing receivers and managers from PwC, who are now in control of Bounty's assets, undertakings and operations.
Bounty's receivers and managers intend to place the Cook coal mine in Queensland, Australia, on care and maintenance, while an urgent assessment of the business will be carried out.
Further, the receivers and managers will explore all options, including the sale or restructuring of the business.
In October, a minor roof fall at the Cook mine, which partially buried its CM13 continuous miner, disrupted operations. Then in November, Bounty said the incident is expected to weigh on its financial position, and 21 workers were laid off.