Media statement

Earth Resources Regulation has stepped in to ensure the rehabilitation of Kralcopic’s former mine sites around Bendigo.

Earth Resources Regulation has stepped in to ensure the rehabilitation of Kralcopic’s former mine sites around Bendigo.

The Federal Court of Australia has appointed Brendan Richards and Peter McCluskey of KPMG as Kralcopic’s liquidators.

Today’s decision allows the regulator to continue to pursue the ongoing rehabilitation of the Kralcopic’s former mine sites.

Kralcopic has been subject to voluntary administration since 2 March 2021.

Earlier this month, a proposal for a deed of company arrangement was submitted by Kralcopic’s parent company, GBM Gold Ltd.

The proposal neglected the future ongoing rehabilitation obligations at the sites and companies are required to fulfil their site rehabilitation obligations under Victoria’s mining laws.

Also, if accepted by creditors, the proposal would have returned the company to the control of the sole director, who is not ordinarily resident in Australia.

The Commonwealth’s Corporations Act 2001 requires that a proprietary company have at least one director that is ordinarily resident in Australia.

Attributable to Executive Director Earth Resources Regulation Anthony Hurst

“We’ve taken action in the public interest to ensure that Kralcopic’s former mine sites are rehabilitated to protect public health and safety, which are threatened if rehabilitation is not properly managed.”

“We welcome the appointment of an experienced liquidator to oversee the wind up of Kralcopic’s finances and obligations, and acknowledge the work undertaken by the company’s previous administrator.”

“We’ll work with KPMG to ensure the site maintenance and rehabilitation obligations at the former mine sites are upheld.”

Contact: Mark Farrugia

Phone: (03) 8392 6913