Mining company Elmore, that operates the Peko magnetite project near Tennant Creek, has gone into administration after recently reporting it needed $5 million to sustain its operations.
Elmore, which focuses its operations on gold and iron ore mining in the Tenant Creek area, is now under KPMG administration after its Peko project fell short of generating the funds needed to keep the company solvent.
The ongoing cycle of the mining rise and fall history in the NT. A government that stakes it’s future on mine sustainability is never going to make ends meet.