On November 16, the company and several subsidiary entities were placed into voluntary administration. During February, the administrator put the company’s mining operations into care and maintenance by the Administrator, and its operating costs reduced accordingly.

“Subsequent to half year end, the state of Queensland has indicated to the company that a reassessment of the group’s environmental bonding requirements is necessary,” Cockatoo states in its interim financial statement for the six months to December 2015.

“Currently the company has total environmental bonds in place of $34.4 million, in the form of charges over term deposits.”

The company said it was in discussions with the state regarding its information requirements and in the process of reassessing the plan for rehabilitation of mining operations at Baralaba.

“As at the date of this report, the outcome of this assessment is unknown and there is significant uncertainty as to whether any additional bonding will be required by the state and, if so, the quantum of the additional funding and whether the group has the financial capacity to meet any additional funding requirements, or raise additional funding from shareholders or other parties,” Cockatoo said.

The company had cash on hand of $17.9 million, net assets of $203.6 million and net current liabilities of $196.8 million at December 31.