Gindalbie Metals has called for a trading halt pending an announcement regarding a long term financing transaction.
Lower than forecast production and weak iron prices saw Gindalbie suffer a massive impairment on its Karara Mining project in half-year financial results.
The miner revealed Karara had $77.1 million in short-term liabilities, including “impending” debt repayments.
At the time, Gindalbie said it was working with its majority Karara partner Ansteel and Chinese lenders to secure financing options.
In March Gindalbie cut around 70 jobs in a bid to reduce costs.