The Chinese authorities have orchestrated an arms-length rescue for the giant aviation and investment group HNA, heading off a fresh liquidity crunch for one of the world’s biggest debtors (reports London’s Daily Telegraph).
The move came as the People’s Bank of China (PBOC) announced that it was setting up a special “financial risk tracking unit” to monitor local and international conditions after a surge in the number of corporate defaults in the country.
Pilbara gold player Marindi Metals has struck a cash and scrip deal worth over $C10 million ($10.2 million) to sell its Bellary Dome conglomerate gold project in WA’s Pilbara to Canada’s Pacton Gold (reports Stockhead).
Todd River Resources will undertake downhole geophysics and further drilling to ascertain the potential size of a zone of high grade copper-zinc mineralisation intersected at its Mount Hardy project in Northern Territory (reports MiningNews).
The company has been buoyed by the 25m intercept grading 2.4% copper, 4% zinc and 3.1% lead from 184m downhole, and expects the geophysics to begin by the end of the month.
Further drilling was already underway.