Early this month the National Court ordered the mine to be liquidated after a service provider took Asidokona to court for non-payment of bills totaling more than K715,000.
The court ordered on February 08, 2018, the mine be placed into liquidation under the provisions of the Companies Act. IPI Catering and Pacific Development Contractors submitted in support their statements to the court, as they were also owed K1.6 million and K1.8 million respectively by Tolukuma Gold Mines. Asidokona Mining Resources is a private company that bought Tolukuma gold mine in Central Province in 2015 and they took over from Petromin.
“So the court has now appointed a liquidator, which is the administrator, and so the liquidator now has a court appointed process to now say that this mine is available and anybody who wants to offset the credit can come and see me.
“Asidokona is now going through its finances trying to get the money to repay, talking to potential financers to give it the money so that they can repay the creditors and take back the mine for themselves,” Mr Samar said.
“If Asidokona can go and find the money and sort out the liquidators then the mining lease reverts back to them.
“Is somebody else fronts up to the creditor and got funds and are able to offset all of that than the mining lease gets transferred to them,” he said.
Looks like a cheap way to take control of a gold mine. Pay the creditors and it is yours?
FNT Price at posting:
1.5¢ Sentiment: Hold Disclosure: Held
