Cockatoo Coal Limited
(ASX:COK) has announced that the Baralaba Mine is to be placed under care and maintenance.
The administrators have determined to take this action due to an unsuitable level of cash outflows, which have been compounded by poor weather impacting production levels and the current low coal prices.
Placing the Baralaba Mine under care and maintenance aims to maximise the preservation of cash and the value of assets pending any restructure of the group.
In a release to the ASX, the company says the administrators have received a number of indicative proposals to restructure the group.
Cockatoo Coal recorded a net loss of $25.06 million at 30 June 2015.
