Sumatra Copper & Gold PLC (05777015): administration
- Status
- Administration ended
- Administration began
- 2022-09-09
- Administrators
- Matthew Richards
- Administrators' firm
- Azets
- Formerly
- Sumatra Copper & Gold Limited; Sumatra Copper & Gold PLC; Sumatra Copper & Gold Community Interest Public Limited Company; Sumatra Copper & Gold PLC; Sumatra Copper & Gold Limited; Centredune Limited
- Incorporated
- 2006-04-11
- Location
- London
- Industry
- 07290 Mining of other non-ferrous metal ores
From the administrators' statement
Creditors should note that, unless otherwise stated, this section of my proposals has been prepared based on information provided to me by the directors of the Company and not from my personal knowledge as Administrator.
The Company is the holding company for a number of subsidiaries which are registered primarily in Indonesia but also in Singapore (“the Group”). The Group’s principal activity is to acquire, explore, develop and mine gold, silver and other meta! deposits in Sumatra, Indonesia. The Group’s flagship asset is its Tembang gold-silver mine currently in production but the Group also had an open pit surface at Berenai, a gold mine in Tandai and an extensive exploration portfolio with projects ranging from brownfield, near-production opportunities to strategically located greenfield holdings.
Unfortunately, the site at Tandai did not perform as anticipated and as a result of this, the Company's subsidiary PT Dwinad Nusa Sejahtera which operated the mine, became insolvent. The Company had guaranteed that company’s loan facilities (and those of its other subsidiaries) which the directors of the Company knew would be called in when PT Dwinad Nusa Sejahtera entered a formal insolvency process in Indonesia.
Administrators' statement of proposals (2019-07-11) · Companies House register