G6M will correct ‘unsustainable’ debt for King Island, Tungsten Wests asks for UK govt aid
After months of limping along on short-term loans, one of Australia's only two tungsten miners can finally see the light at the end of the tunnel, while in the United Kingdom, even the owner of one of the world's largest deposits has been struggling.While Queensland-focused EQ Resources appears to have gone from strength to strength, the experiences of Tasmania's Group 6 Metals and UK-based Tungsten West have been anything but smooth sailing.
Johann Jacobs, Keith McKnight, Greg Hancock, Tony Caruso and Michael Zannes are all headed for the exit and will be replaced by Kevin Pallas as executive chair. Dale Elphinstone will join as a non-executive director, supporting the remaining Chris Ellis on a three-person board. Executive general manager Tony Davis will remain in place.The outgoing board has recommended the plan, subject to no superior proposal arising, and the independent expert not concluding is unfair and unreasonable.
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