Debts could spell end for Top Iron

Mid West iron ore company Top Iron is facing the end of the road, as gas supplier Alinta Energy seeks to wind up the short-lived producer over unpaid bills.

The privately held company briefly exported iron ore from its Mummaloo project, about 250km south-east of Geraldton, sending its first shipment to its Chinese steelmaking partner in March last year.

But Top Iron, which had been developing its deposit since 2010, launched exports into a tumbling iron ore market, and had ceased operations by August.

According to documents filed with the Australian Securities and Investments Commission, Alinta Sales is seeking to wind the company up over unpaid debts, with a hearing to take place in the Supreme Court on August 9.

ASIC records show the company’s sole remaining director is Wu Xiaonian, chairman of Top Iron’s Chinese partner, Shanxi Jianbang Group Company. Its Australian chief executive, Bruce Richardson, stepped down from the company’s board in June, 2015.

While Top Iron is believed to have shed its remaining local staff late last year, Shanxi is still active in the Mid West resources sector.

Mr Richardson is also the managing director of ASX-listed Anson Resources, which is developing a graphite project 130km north of Geraldton.

In May the company — known as Mayan Iron Corporation until early this year — signed a memorandum of understanding with Shanxi to test the use of graphite from Anson’s Ajana project in Shanxi’s steel mills.