FTI Consulting’s Senior Managing Director’s Hayden White and Daniel Woodhouse have been appointed as the receivers and managers of privately held Northern Iron.
White and Woodhouse’s appointment will see control of Northern Iron’s business, operations and assets. This will include the Warrego Rehabilitation Project located near Tennant Creek in the Northern Territory.
The receivers will call for expressions of interest in the sale or recapitalisation of Northern Iron and as such, are working closely with key stakeholders to conduct an independent assessment of the financial position of the company, as well as its ongoing and future viability.
Warrego, which became operational in October 2024, reclaimed a low-grade iron ore stockpile from historical mine by-product at the mine site and produced it into a high-grade magnetite concentrate.
Northern Iron says the project has potential to contribute $100 million per year to the local Northern Territory economy and produce around 3.8 million tonnes of magnetite concentrate across a 3.5 year life span.
The latest appointment follows the company’s decision to appoint business accounting and financial advisory firm Rodgers Reidy’s Stuart Reid and Samantha Sellahewa as voluntary administrators.
Prior to the voluntary administrators’ appointment, Northern Iron took steps to halt operations at Warrego. Most personnel onsite at the project are employed by the mining contractor, who has begun to demobilise their staff.
Northern Iron is an Australian privately owned developer that operates in the Northern Territory.
Write to Aaliyah Rogan at Mining.com.au
Images: Northern Iron
