Wiluna Mining’s Future
Key backers of Wiluna Mining have rejected Mark Creasy’s offer to acquire the distressed gold producer, opting instead for a capital raising to re-list on the Australian Securities Exchange. Administrators from FTI Consulting received support from major shareholders, requiring over $100 million for the plan, while Creasy aimed to purchase shares at 50¢ each. The mine’s recent upgrades and a 140% increase in gold prices have boosted confidence among its backers, despite past losses of over $800 million. Legal issues are ongoing, including actions against former executives related to a capital raising prior to Wiluna’s collapse.
