Cockatoo Island Mining Pty Ltd (CIM), the operator of a historic ultra-high-grade iron ore project in Western Australia’s remote Kimberley region, has entered voluntary administration.
The company’s board has appointed Richard Tucker and John Bumbak from corporate recovery specialists KordaMentha as joint voluntary administrators.
The administrators are currently conducting an urgent assessment of the mining company’s operational and financial position, with the immediate goal of pursuing either a comprehensive recapitalisation or an outright sale of the business.
CIM’s flagship asset is the Cockatoo Iron Ore Project, located on Cockatoo Island within the Buccaneer Archipelago. The operation is highly renowned within the global resources sector for its unique engineering and premium product; it features a specialised seawall that allows open-cut mining to safely take place below sea level.
The Seawall Pit has historically delivered direct shipping ore with iron grades reaching as high as 67 per cent Fe, comfortably exceeding the standard 62 per cent Fe global benchmark.
Administrator Richard Tucker expressed confidence that the project remains a highly lucrative asset for potential buyers, particularly as international markets increasingly pivot toward sustainable manufacturing.
“The Cockatoo Island project is a rare asset,” Tucker said.
“It has produced some of the highest-grade iron ore ever shipped from Australia across a 70-year operating history, with established port and export infrastructure.”
Mr Tucker noted that KordaMentha intends to move swiftly to initiate the expression of interest process once the initial financial health check is complete.
“We expect strong interest, given the transition to low-emissions steelmaking is driving demand for precisely the high-quality iron ore produced at the mine,” he added.
Interested parties looking to participate in the upcoming sale or restructuring process are required to register their details via email with KordaMentha.
Meanwhile, the first formal meeting of the company’s creditors has been officially scheduled for July 17, where further operational updates will be provided to stakeholders.