More than 150 workers have lost their jobs and a further 45 employees are at risk after Queensland miner Aurora Metals entered voluntary administration following an unsuccessful public offering and plummeting zinc price.
Liquidator KordaMentha has been appointed to oversee the sale and recapitalisation of the group's mining and processing assets, which include zinc, copper, lead, gold and silver production facilities.
Aurora's four underground mines and processing plants at Mt Garnet and Chillagoe in northern Queensland have been placed on care and maintenance, as well as various other prospects in development, the administrator said in a statement.
"The Aurora Metals Group will undoubtably attract interest given its portfolio of assets and the current environment where battery metals are in strong demand," KordaMentha's Richard Tucker said on Monday.
Aurora unsuccessfully attempted an IPO in 2022 and then failed to find a buyer on the open market.
A 40 per cent decline in the zinc price during the past 10 months has compounded the group's difficulties.
According to its website, the company formerly known as Consolidated Tin Mines has entered voluntary administration three times before: in 2012, 2016 and 2017.
Aurora's mines have been placed on care and maintenance since May, with 150 employees losing their jobs, a spokesman for the voluntary administrator AAP.
About 45 workers remain employed by the group with the first meeting of creditors set for next week.
