Posted October 03, 2018 06:31:23A gold mine in Australia’s south-east may be sold off by its owner to pay off his debts.
Gold mining company Goldmine Insurance says it will sell off its gold mines in the Perth-bound Kimberley and the Goldfields.
The company says it has more than $3.5 billion in outstanding insurance claims against it.
The Kimberley Goldfields is the largest gold mine operating in Australia.
It has been sold off to pay debts.
The Goldfields have been under the ownership of Goldmine International Ltd since 2014.
Goldmine’s CEO and managing director Mark Rippetoe said the company was “devastated” by the loss of the Gold Fields.
“The Gold Fields have been a pillar of the local community for many years and the business is not only going to go, but it will continue to go,” he said.
Mr Rippets said Goldmine would sell the gold mines for the profit of the investors.
“We are committed to our clients and we will do everything we can to help our clients,” he added.
Goldfields owners have said they have a history of poor management and financial issues.