Griffin pursues bargain-priced Ivernia

摘要

Ivernia (IVW-T, IVWFF-O) might not strike many as a great catch. Its Magellan lead mine in Western Australia has been on care and maintenance since March 2007, after birds in the port of Esperance started dying from lead poisoning; the company posted a net loss of 15.4 million US dollars in the first nine months of 2008; debtmarsitsbalance sheet with payments coming due in April; and the price of its one commodity - lead - has sunk to depressing lows. But Bermuda-based mining and investment company Griffin Mining (GFMIF-O, GFM-L) is still keen to buy it and has made an unsolicited offer for the company in a deal valued at about 27 million dollars.