Big picture the key

摘要

Despite the fact many retail and institutional investors were "severely burnt" by the collapse of Melbourne-based Pasminco Ltd back in 2001, one investment adviser has thrown its weight behind the phoenix that is arising from the erstwhile mining house's ashes. Independent equities research group Fat Prophets Mining said while the current plans to float Zinifex Ltd would "open some old Pasminco wounds", it was important for punters to look at the big picture. The company - which was one of the world's largest integrated zinc and lead producers - went into voluntary administration during September 2001 due to a combination of high debt (some 2.8 billion dollars), currency hedging losses and weak zinc prices.