THE four mines, all in Scotland, operated by ATH Resources will continue to operate and could be sold, administrators from accountant KPMG said.
Will Wright, joint administrator, said: "Our appointment only affects the group's parent company, and the main trading businesses within the group are unaffected by our appointment."
A fund controlled by Better Capital, the turnaround specialist headed by Jon Moulton, acquired ATH's debt and demanded immediate repayment, forcing the company into administration.
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Mr Moulton previously ran Alchemy Partners which was the largest shareholder in ATH when it floated in 2004.