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Highlights:
FTI Consulting’s Hayden White and Daniel Woodhouse are appointed as receivers and managers for Northern Iron.
The receivership will oversee the Warrego Rehabilitation Project and the company’s assets.
Northern Iron’s operations at the Warrego site were halted prior to the appointment, with personnel beginning to demobilise.
FTI Consulting has been appointed to oversee the receivership of Northern Iron, a privately held Australian mining developer. Hayden White and Daniel Woodhouse, Senior Managing Directors at FTI Consulting, have been tasked with managing the company’s business, operations, and assets. This includes taking control of the Warrego Rehabilitation Project, which is located near Tennant Creek in the Northern Territory.
Warrego Rehabilitation Project Overview
The Warrego Rehabilitation Project became operational in late 2024, with the goal of reclaiming low-grade iron ore from historical mine by-products at the site. The iron ore was processed into high-grade magnetite concentrate. Northern Iron highlighted that the project had the capacity to contribute significantly to the local economy of the Northern Territory, generating substantial revenue and producing magnetite concentrate for several years.
The project’s life span was projected to last several years, with the output expected to reach millions of tonnes of concentrate. The company had envisioned that Warrego would play a significant role in the economic development of the area.
Receivership and Next Steps for Northern Iron
As part of the receivership process, FTI Consulting will manage the company’s operations while conducting an independent assessment of Northern Iron’s financial position. The receivers are also tasked with determining the company’s future viability and exploring options for the sale or recapitalisation of the business.
In the interim, FTI Consulting will work with key stakeholders to assess the best path forward, which may involve restructuring or finding a new owner for Northern Iron. The company’s operations at Warrego had been suspended before the appointment of the receivers, and most of the personnel at the project were employed by an external mining contractor. This contractor began the process of demobilising staff in response to the operational halt.
Background on Northern Iron
Northern Iron is an Australian company focused on the development of mining operations in the Northern Territory. The company had a primary focus on iron ore extraction, with its most notable project being the Warrego Rehabilitation Project. The company’s decision to appoint voluntary administrators earlier led to the current receivership appointment, which now oversees its operations.
The Warrego project’s operational disruption marks a significant turning point for Northern Iron, as the company navigates its financial challenges under new management. The receivership, led by FTI Consulting, will look at all available options to stabilise the company’s position.
