MMG Limited (MMG) has been advised by Avebury Nickel Mines Limited (formerly known as QCG Resources Limited) (ANML) that they will unable to complete the acquisition of the Avebury operation.
Unfortunately, ANML has been unable to satisfy the funding condition in the Share Sale Agreement by the cut-off date of 30 June 2015. Subsequently, MMG has issued termination notice to ANML terminating the Share Sale Agreement.
MMG is currently reviewing its options with regard to the Avebury nickel mine, however, remains committed to ensuring the operation is up and running again.
MMG Rosebery General Manager Aaron Brannigan said that MMG understands that the Avebury operation recommencing is very important to the State of Tasmania – particularly for the communities of the west coast.
“MMG will continue its comprehensive care and maintenance and asset preservation activities at Avebury, and all current employees will remain on site,” Mr Brannigan said.
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Media enquiries
Ted Woodruff
Manager, Stakeholder Relations – Australia
M: +61 407 434 329
E: edward.woodruff@mmg.com