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BankWest has A$43 million Selwyn exposure

BankWest has A$43 million Selwyn exposure

(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.
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