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Software supplier and consultant Runge announced the closure of the division today, which had been operating since it was established in March 2011.
Corelate Capital was established to provide independent corporate advisory services in relation to the evaluation and raising of capital for early-stage mining assets.
“Despite broad recognition from our client base of the professionalism and potential of the Corelate business, the level of activity in the current environment is insufficient to justify continuing investment,” Runge said in a statement.
During the 2012 financial year, Corelate made a revenue contribution of $A300,000.
Net loss before tax from the division was $441,000.
Runge said no material costs would be incurred as a result of the closure.
MiningNews.net contacted Runge for information on the number of jobs expected to be affected by the closure but was still waiting for a response at the time of deadline.
This article first appeared in ILN's sister publication MiningNews.net.
