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Kingsrose Mining appoints administrators

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Kingsrose Mining appoints administrators

Kingsrose Mining Ltd.'s board appointed Michael Ryan and Ian Francis of FTI Consulting as voluntary administrators, as part of the continued efforts to restructure the company.

The appointment will assist Kingsrose as it explores options for raising capital and cutting its debt, with a view to providing it with adequate funding to implement operational changes at the Talang Santo mine within its Way Linggo gold project in Indonesia.

The Talang Santo mine will initially be placed on care and maintenance to allow the administrators to independently assess the affairs of the company and recommend options, according to a Dec. 14 release.

Additionally, Kingsrose's 85%-owned subsidiary, PT Natarang Mining, will initiate the process to apply for the suspension of debt payment obligations in Indonesia as part of the restructuring process.