No return for CopperCo shareholders

Administrators of CopperCo say shareholders are not likely to receive any return in respect of their holdings in the collapsed mining company.

In a statement to the market today, administrators McGrathNicol said "we have reasonable grounds to believe that there is no likelihood that shareholders of CopperCo will receive any distribution in respect of the shares they hold in the company".

It added that shareholders who acquired shares on or after September 20 1985 can choose to make a capital loss when filling our tax return forms this year.

CopperCo fell into administration late last year after a financing deal fell through.

Last month, Cape Lambert Iron Ore acquired CopperCo's assets for $27 million after it acquired the company's secured debt for $72.7 million.