On 11 June 2020, Shane Crooks and Mark Shaw, partners at BDO LLP, were appointed as joint administrators of North River Resources plc.
No orders can be made or goods/services accepted without the authorisation of the joint administrators.
If you have any outstanding invoices due for payment by North River Resources plc, please provide your details to the joint administrators’ team. The joint administrators can be contacted via email BRCMT@bdo.co.uk.
The joint administrators will be publishing a report within 8 weeks of their appointment providing details on the events leading up to their appointment and the strategy of the administration. In the meantime, please find below some information regarding the events leading up to the appoint of the joint administrators:
- The main asset of North River Resources plc it its holding in NLZM, a lead and zinc mine operating in Namibia. The mine is currently in a temporary care and maintenance mode;
- North River Resources plc funded NLZM to ensure the continuance of operations and the protection of its asset;
- Due to the current situation, the shareholder funding North River Resources plc sought a consensual restructuring of the debt and equity of the company. Unfortunately an agreement was not possible between the shareholders of North River Resources plc.
- The funding of North River Resources plc was withdrawn and the Board of the company resolved to place the company into administration.
The joint administrators are currently reviewing the options available with a view to maintaining NLZM in care and maintenance mode whilst running a sale process for the shares in NLZM. All interested parties are welcome to contact the administrators.