Media Release
For immediate release
Matrix Metals
reorganisation moves forward
Perth,
14 January, 2008
Matrix
Metals (ASX:MRX) receivers Gary Doran and John Greig from professional services
firm Deloitte have commenced assessing submissions from potential buyers of the
Company?s Queensland copper assets. Deloitte has received interest in the
assets from more than 40 parties.
Matrix
Metals went into Voluntary Administration on 11 November, 2008, after which,
Glencore International AG, a secured creditor, appointed Mr Doran and Mr Greig
as receivers and managers..
Deloitte
Partner Dr Eric Lilford, who has been working with the receivers, said the
strong interest in the Matrix Metals assets had continued throughout the
Expressions of Interest period. Indicative offers were due for submission this
week (12 January 2009).
?We
have to date received a pleasing number of submissions of interest in the
Matrix assets, and we have now commenced the formal processing of those,? Dr
Lilford said.
?Expressions
of interest have been received from far and wide, including multi national and
local parties. The submissions also cover a wide range of reorganisation
options, including parties interested in the acquisitions of all, or part of
the Company?s assets,? Mr Doran said.
?The
receivers are now working to narrow the interested parties down to a shortlist,
and we expect to be in a position to notify the parities this week,? Dr Lilford
said.
Short-listed
parties will be invited to undertake more detailed due diligence, which will
include a site visit to the Matrix assets in Queensland.
Matrix?s
assets include mining pits at Mt Watson and Mt Cuthbert, an operating
production facility (9,000 tonnes per annum capacity) at Mt Cuthbert, and
exploration tenements covering 3,6000 km2 in and around Leichhardt and
Cloncurry.
The
receivers previously secured funding to continue the partial operation of the
Matrix Metals assets at Clonclurry, and are continuing to generate cashflow
from sales of cathode copper derived from the heap leach.
Dr
Lilford, a qualified mining engineer, said the high level of interest in Matrix
demonstrates that there are buyers out there for good assets, and some good
buying opportunities in the current market.
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For further information:
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For expression of interest:
Dr Eric Lilford
Tel: +61 (0) 8 9365 7000
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For Media:
Warrick Hazeldine
Tel: 08 9485 1254
Mobile: 0417 944
616
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About Deloitte
Deloitte is a member of
Deloitte Touche Tohmatsu (a Swiss Verein). As a Swiss Verein (association),
neither Deloitte Touche Tohmatsu nor any of its member firms have any liability
for each other?s acts or omissions. Each of the member firms is a separate and
independent legal entity operating under the names ?Deloitte?, ?Deloitte &
Touche?, ?Deloitte Touche Tohmatsu? or other, related names. Services are
provided by member firms or their subsidiaries and affiliates and not by the
Deloitte Touche Tohmatsu Verein.
Issued by
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