News Wrap

IN this morning’s News Wrap: Sectors at risk as end to boom fuels peak in collapses; and Barrick fined over death.

Staff Reporter

Sectors at risk as end to boom fuels peak in collapses

Corporate insolvencies are at record highs as the mining boom continues to unravel, leaving other sectors exposed in conditions almost as bad as the global financial crisis, according to The Australian.

According to the corporate regulator, the Australian Securities & Investments Commission, 900 businesses across the nation collapsed in June.

FTI Consulting, in a report analysing those figures, said it was the longest spate of collapses since records began in 1999.

"It is the first time 900 or more companies entered external administration over five consecutive months," FTI said.

"So far in 2013, 5321 companies have entered external administration, a record for the first six months of a year."

Barrick ordered to pay $1.4M compo over mine death

The West Australian reports that Canadian miner Barrick Gold has been ordered to pay nearly $1.4 million compensation to the son and defacto partner of an employee who died at its Kanowna Belle mine in August 2009.

Daniel Owen Williams was survived by his partner, Carlie Marie Wiggins, and their two-year-old son after falling 25m to his death while working underground.

A long civil claim by Ms Wiggins came to a conclusion in the Perth District Court last week when Judge Mark Herron awarded her damages of $969,531 and a further $417,780 to the couple's son.

Barrick had already been fined $140,000 in December 2011 for failing to maintain a safe working environment at the time of Williams' death.