The owner of a long-mothballed iron ore mine on Cockatoo Island has tumbled into administration, with insolvency practitioners assessing a sale or recapitalisation.
KordaMentha’s Richard Tucker and John Bumback were appointed voluntary administrators of Cockatoo Island Mining (CIM) by the company’s board on Tuesday.
CIM is backed entirely by reclusive Hong Kong investor Choi Lai Kuen, according to ASIC filings. CIM bought the mine out of receivership from Pluton Resources in 2020.
Last month, marine services company OSM Australia lobbed a winding up application against CIM in the courts. The state government was also reportedly chasing the company for unpaid royalties.
Its flagship asset is its Cockatoo iron ore…