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Rivet Mining Services has gone into administration after being hit by extreme weather events, project delays, labour shortages and rising costs.
Chris Hill, Vaughan Strawbridge and Hayden White from FTI Consulting have been made receivers and managers of the business, which provides bulk haulage and ancillary onsite services to mining companies in Western Australia.
The action only relates to the mining services business and not the wider Rivet Group.
"RMS is the only trading entity subject to the appointment of voluntary administrators and none of the other businesses of the Rivet Group are impacted," FTI said.
It appears that based on a preliminary assessment, the mining business was "deeply affected" by multiple adverse economic factors including bad weather, project issues, trouble finding workers and cost pressures.
"The other group businesses will continue to trade in their usual manner and have the ongoing support of their senior secured lender to ensure that customers, suppliers and employees are not adversely impacted," FTI said.
Mr Hill, Mr Strawbridge and Mr White have also been appointed as receivers of Blondie Trading, the parent company of Rivet Group.
The purpose of the appointment to Blondie was to take control of the group at a holding company level and ensure it was not adversely impacted by the mining business's insolvency, FTI said.