The administrators of Sons of Gwalia Limited have announced that the bankrupt group’s Advanced Minerals Business has been sold to a consortium of four investment funds led by Resource Capital Fund IV LP. The A$205 million deal was completed on Monday. The new company holding SoG’s tantalum, lithium and tin assets is called Talison Minerals Pty Ltd. All Sons of Gwalia employees have accepted offers of employment with the new company.
One of the major assets involved in the transaction is the Greenbushes mine in Western Australia, which produces by-product tin at its own smelter. Tin production at Greenbushes has fallen from close to 1,000 tonnes at the start of the decade to 387 tonnes in 2006. A further fall in production will occur this year.
