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Pacific Bauxite appoints administrators after failing to sell projects

Pacific Bauxite Ltd. went into voluntary administration after failing to raise funds along with unsuccessful negotiations to sell its bauxite deposits in the Solomon Islands.

The company appointed Richard Albarran and Cameron Shaw from Hall Chadwick as voluntary administrators, saying that it is "in a very vulnerable position."

Additionally, Chairman Peter Lewis resigned from all directorships of Pacific Bauxite's joint venture partner in the Solomon Islands, Aurum Pacific Group.

Pacific Bauxite planned to dispose of its Nendo and South West New Georgia projects in the Solomon Islands, in order to focus on its Australian assets.