The requirements of the Deed of Company Arrangement entered into by Kingsrose Mining on June 8 have been completed allowing the company to transition out of external administration. The transition was completed on July 31 with control of the company’s affairs, including its Indonesian mining operations, reverting to the directors.
Following the restructuring efforts of the company’s external administrators, Kingsrose is now positioned with a significantly strengthened balance sheet, predominantly resulting from a large reduction in secured debt and a capital raising.
Operationally, the company’s business has also been repositioned for improved profitability due to the commencement of open cut mining at the Way Linggo gold mine in South Sumatra.
Kingsrose chairman John Morris thanks everyone involved in the restructuring process. “On behalf of the Board, I want to extend our sincere thanks and appreciation to everyone involved during this challenging period, in particular the loyalty and support shown by the staff of Kingsrose and PT Natarang Mining.
“I look forward to this new chapter for Kingsrose and delivering shareholder value through unlocking the full value of the Way Linggo Project.”