Ark runs aground at Pine Creek

SYDNEY-based junior Ark Mines, a self-described near-term gold producer since 2013, was placed into administration by its biggest debtholder yesterday, becoming the latest casualty of the Australian resources sector, despite a robust gold price.

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Richard Tucker and Craig Shepard of KordaMentha were called in by Chan Investments, a Hong Kong-based company that entered into a US$6 million gold loan agreement with Ark in 2016 as the minnow