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Avocet Mining appoints administrators

Avocet Mining PLC said that it appointed Paul Williams and Geoffrey Bouchier, both from Duff & Phelps Ltd., as joint administrators as the company pursues a formal insolvency process, effective Aug. 21, after its proposed members' voluntary liquidation was not implemented.

On Aug. 15, the company said that until it is placed into administration, the board remains open to explore viable funded investment opportunities.

The company did not receive any viable funded investment proposals since it made the announcement.

In June, a 30% stake of the company on the Tri-K gold project was acquired by Managem SA for US$21 million.