An ambitious waste recycling project using technology developed by ASX-listed AnaeCo and jointly built by contactor Monadelphous Group has gone into administration.
Monadelphous Group and AnaeCo's long-delayed waste treatment plant in Shenton Park has finally been given a completion date, with a short list of tasks to be finished by mid-April.
The operator of a waste treatment plant developed in Perth's western suburbs with support from Monadelphous Group has been told it will no longer run the plant following the disclosure of further delays and warnings of increased costs.
Engineering company Monadelphous Group has provided its joint venture partner AnaeCo with a $4.6 million loan facility to help fund the remaining cost of the company's WMRC project in Shenton Park.
AnaeCo director Ian Campbell has lost control of his 6.5 per cent stake in the waste treatment company after the shares were used as security for separate loans.