The directors of Pindan Group have told staff the company had little choice but to appoint external administrators amid revelations of more than $48 million in losses.
Pindan has been awarded a $90 million contract for the construction of an operations village for Rio Tinto's Koodaideri iron ore project, with the announcement coming less than a week after Oxley Holdings acquired full ownership of the contractor.
Construction and development group Pindan has won its third major contract in two months, after being awarded a $22 million mine camp deal by Fortescue Metals Group.