Iron ore miner Pluton Resources has settled proceedings against junior secured creditor Rizhao Port Group Logistics, which includes the removal of receivers appointed by Rizhao in disputed circumstances last month.
Troubled miner Pluton Resources says its major shareholder General Nice Resources has committed to provide extra funding to recommence operations at the Cockatoo Island iron ore project.
Pluton Resources is in the midst of a battle between creditors, with major shareholder General Nice Resources and secured creditor Rizhao Port Group Logistics fighting over who gets to appoint receivers to the iron ore miner.
Pluton Resources has disclosed that its joint venture partner at the Cockatoo Island iron ore mine wants it removed as manager of the project and has called for it to halt mining operations.
Iron ore prices may have softened significantly from about $US130 a tonne during the past year, but that has not stopped local miners ramping up exports.
Struggling Perth-based mineral explorer Pluton Resources has announced it intends to raise about $80 million through the issue of about 8 billion shares.
