Pilbara gold mining junior Calidus Resources has hit the wall as financier Macquarie pursues a debt believed to be more than $60 million.
The ASX-listed company runs the Waroona gold mine near Marble Bar and was producing 60,000 to 70,000 ounces of the precious metal annually.
Contractor Macmahon had a $210 million deal to mine Waroona until 2026 and has previously said more than 60 staff were on the site.
Calidus was put in the hands of Richard Tucker and John Bumbak of Kordamentha as receivers on Friday, a filing to the corporate regulator shows.
Macquarie is Calidus’s main creditor and had been negotiating to restructure the debt, according to stock market announcements earlier this year.
Administrators from FTI Consulting were also put into the miner, it’s believed — but receivers have precedence.
The collapse comes despite a booming market for gold, with the metal’s price rising to more than $US2,400/oz ($3600) in May.
Calidus joined the bourse in 2017 via a backdoor listing through Pharmanet Group.
The miner’s shares hit a high of just more than $1 each in 2022 when production got under way. But they have since dropped nearly 90 per cent.
There were signs of trouble in March of this year when Calidus sought to raise $19.5m and restructure its debts with Macquarie.
Investors were told the company wanted to ramp up output over the next three years with all in sustaining costs of about $2,000/oz.
Calidus had also been touted as a lithium explorer.
Macquarie held 11 per cent of the business as at mid-May.
Shares in Calidus last changed hands at 12 cents each.
