Company news

摘要

Ferrier Hodgson, Pasminco's administrator, has said that it is assessing a revised bid for the Century zinc-lead mine in the Australian state of Queensland. The sale process of Century was shelved on 17 January after bids at that time had not reached the operation's retention value. When the decision was taken to terminate Century's sale process, Ferrier Hodgson recommended that any restructured Pasminco should include a mixture of mines and smelters on the grounds of what it describes as a natural hedge. This strategy of recommending that creditors opt for a restructured Pasminco rather than continue with liquidation and assets sales is due partly to Ferrier Hodgson's opinion that zinc prices will improve. A new deadline of 8~(th) July has now been set for Ferrier Hodgson to hold a meeting for Pasminco's creditors. The previous deadline was 15~(th) April. Australia's Western Metals and its financiers have agreed in principle to longer-term financial arrangements that must be finalised by 19~(th) April. A 75 million US dollars note, on which the first 18.75 million US dollars principle payment was originally due on 1~(st) November 2001, has been rescheduled along with another 120 million US dollars note. The first instalment on these of 5 million US dollars is now due on 15~(th) June 2003 but the interest rate on the 75 million US dollars note has been raised from 8.06 percent to 9.59 percent. Additionally, and having deferred payment in December 2001 of hedge contracts totalling 5 million US dollars, 24 million US dollars in hedge contracts will now be amortised in six equal monthly instalments from November 2002. These contracts were due for delivery between December 2001 and March 2002. Western Metals had cash assets of 30.6 million Australia dollars (15.9 million US dollars) at the end of 2001 but it will nevertheless be entitled until 30~(th) June 2003 to raise an 15 million Australia dollars (8 million US dollars) secured standby working capital facility.