MANAGEMENT

Failed Thalanga contract could cost Metarock $9 million

UNDERGROUND mining contractor Metarock will write-down the $5.7 million of debt owing to its PYBAR division by the owner of the Thalanga base metals mine, Cromarty Resources, prior to the appointment of administrators.

 Thalanga base metals mine in Queensland.

Thalanga base metals mine in Queensland.

This will form the major part of the $9 million hit to earnings Metarock will face with the collapse of Cromarty Resources' parent company Red River Resources.   A second creditors meeting of Cromarty...

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