/biz/ - Business & Finance

Another gold miner, Wiluna Mining, seemed to have bitten the dust. It's an aussie miner only listed on the ASX so I don't think many here follow it but it was a spectacular crash and burn. They had like 50koz production of normal ore and were building a concentrator so they could process refractory ore that would be shipped to Russia which was one problem they ran into, but I think they found another off taker, refinery cost would be a whopping US$400/oz I think it was though, that's a lot. Project was supposed to take them to 100koz+.
They went from a sizeable US$150M mkt cap in Jan to bust. They did a large US$45M raise just last month that they apparently already burnt through, wow. They were spending a lot of money drilling very recently to expand their resource, which seems crazy considering they were to go bankrupt shortly after when they already had many years of mine life.
Another reminder that these companies are very risky. Especially small companies starting up a new mine.