(Australia) – Perth-based BankWest has confirmed its exposure to failed copper and gold producer Selwyn Mines, with the bank revealing bond and hedging debts of A$43 million.BankWest managing director Terry Budge said the bank had a net lending exposure to Selwyn of A$11.5 million as well as bank guarantees and performance bonds worth A$6.5 million. The bank also provided gold hedging with a market exposure of roughly A$25 million.
Queensland-based Selwyn Mines was placed in receivership on January 6 after failing to complete a A$13 million rights issue.