INDOCHINE Mining has appointed voluntary administrators after the remaining party interested in funding the Mt Kare project withdrew its offer.

The company said it made the decision to appoint voluntary administrators after its discussions in relation to a strategic funding agreement to enable the continued development of the gold project was not successful.

Indochine appointed Martin Jones, Darren Weaver and Benjamin Johnson, all partners of Ferrier Hodgson, as joint administrators of the company.

“The company’s board is disappointed that despite its best efforts, a funding agreement for the Mt Kare project could not be concluded,” Indochine said.

“The directors well continue to work with the company’s administrators to help them achieve the best outcome for all of the company’s stakeholders,” the company said.