Nelson investors have been left $2 million out of pocket after a former bankrupt Robert James Cottle promised them lucrative returns as part of a Colombian opencast goldmining scheme that never eventuated.
Infratech Mining Ltd was put into liquidation by by a creditor, Mr Lindsay Newton, on 26 June 2015 after a defended court hearing in the Nelson High Court. Newton loaned the company $200,000 in short term funds and was offered shares in lieu of interest. The Official Assignee was appointed liquidator by the High Court.
The company’s sole director was Robert James Cottle and he set up the company on 18 February 2009, just days after he was discharged from a February 2006 bankruptcy.
Infratech Mining managing director Bob Cottle at one of his proposed gold mining sites in Colombia. Stuff News 6/10/14
Infratech, which records its premises on the Companies Office website,as 5 Duncan Street, Port Nelson, Nelson, 7010, New Zealand, was seeking to raise US$100 million to build a gold and platinum mine in Colombia. Company documents prepared in 2009, pitching for $9m from shareholders, claimed investors could see annual returns of 1000 per cent. Robert James Cottle claimed the mine could produce 428,000 ounces of gold annually resulting in profits of more than $100m.
Six years on, since the company was incorporated, investor Lindsay Newton has lost $200,000, and the mine was yet to be built.