The Chinese mining company is unable to meet its obligations
CHENGDU, CHENGHUA, CHINA, June 20, 2018 /EINPresswire.com/ — In a press release issued late Thursday evening, the Chinese mining company Concept Mining (ISIN: CN0045237426), informed that it has officially filed for bankruptcy. The company had previously stated they were experiencing difficulties because of increased competition.
In February, the company laid off around 50% of their total workforce to cut costs. Now, Concept Mining, along with four subsidiaries have decided to file for bankruptcy as a result of the already stated reasons above.
“Due to high uncertainty regarding completion of outstanding orders and in combination with a continued rapid capacity expansion from our competitors, the company is very unlikely to be able to fulfil its obligation past the month of July, 2018.
The board, therefore, took the decision to take the company into voluntary receivership” CEO, Kim Wong says.
Mr. Wong continued to say “We aimed for the skies, not to build a mediocre medium sized business, we got big investors on board and took a chance but it hasn’t paid off. The margins have gone from being really high to being much smaller, and we are now mining at a loss. We sincerely apologise.”
It now seems as if Concept Mining own prognosis was too bullish, as the company is now in Receivership.
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Source: EIN Presswire