Wolf Minerals Limited (LON:WLF) said its UK subsidiary has entered voluntary administration after failing to reach an agreement with financial stakeholders to secure the funds needed to continue operations at its Drakelands tungsten mine in Devon.
The company said it was unable to “satisfactorily conclude its discussions with its key financial stakeholders and therefore is not in a position to meet its short term working capital requirements” for the open pit mine.
READ: Talks on funding ongoing, says Wolf Minerals
The wholly-owned UK subsidiary, Wolf Minerals (UK) Limited, has ceased trading on London's junior market AIM effective immediately. The group's shares remain suspended from trading on the Australian Stock Exchange.
"The board of the company has resolved that Martin Jones and Ryan Eagle of Ferrier Hodgson be appointed as voluntary administrators of the company," Wolf Minerals said.