OM Holdings Limited
(ASX:OMH) wholly owned subsidiary OM (Manganese) Limited has entered voluntary administration as trading conditions damage the company’s financial position.
The manganese miner cited the significant global decline in the demand of manganese and market outlook as adversely affecting the company’s financial position, despite efforts to reduce operating costs at its Bootu Creek Manganese project.
OM Holdings management decided that the project cannot continue to operate sustainably in the current market.
The company has said it will undergo formal restructuring, with a view to recommence trading when the market for manganese has improved.
OM Holdings recorded a net loss of $29.56 million at 30 June 2015.
