Leading Australian resources and infrastructure contractor NRW Holdings (ASX: NWH) today noted the appointment of KordaMentha as Receivers and Managers to Altura, as outlined in the ASX announcement of 26 October 2020.
NRW, together with subsidiary Action Drill & Blast provides mining and drill and blast services to Altura at their Pilbara mine.
NRW’s preliminary assessment of net current exposure under the contract is circa $9 million.
NRW notes that KordaMentha have indicated they are conducting an urgent assessment of Altura’s financial position with the intention of transitioning the operations into care and maintenance in the coming weeks and will immediately commence a process to market the company and its assets for sale and/or recapitalisation.
