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Trading in shares in the Australian zinc producer Pasminco Ltd was suspended from this Thursday (September 20) after the company appointed a voluntary administrator on Wednesday. The decision to go [...]

* The total liabilities of struggling zinc producer Pasminco Ltd now amount to A$3.4 billion, according to the voluntary administrator appointed to the company last Wednesday (MJ, September 21, p.217). [...]

Trading in shares in the Australian zinc producer Pasminco Ltd was suspended from this Thursday (September 20) after the company appointed a voluntary administrator on Wednesday. The decision to go [...]

The Australian zinc producer Pasminco Ltd has warned that it will not pursue its recently-announced plan to dispose of its Australian mining assets if that would mean selling them 'below [...]

The Australian-based zinc producer Pasminco Ltd made a net loss of A$37.3 million in the six months to December 31, 2000, compared with a profit of A$0.3 million in the [...]

Amidst surging profits and increased dividends from most mining companies (driven by higher commodity prices generally supported by the benefits of cost-cutting when prices were down), the financial results from [...]

Global oversupply is suppressing prices of zinc, currently under $750 per tonne. Kagara Zinc will be a low cost producer at its Mount Garnet mine with production costs below $500 per tonne, while Pasminco's Century mine will have costs of $800-900 per tonne.

A voluntary bankruptcy administrator has been appointed for Australian lead and zinc mining company Pasminco as of Sep 9, 2001, and its shares have been suspended from trading. The company remains in business, however, with an emergency line of credit.

Pasminco Ltd. of Australia will restructure in a debt-for-equity swap with 39 current creditors, who will then sell some of their shares. Pasminco has $2.8 billion in debt; the firm will retain the Century zinc mine in Queensland after receiving no good offers for the mine.

A loss of A$715.7 mil as of June 30, 2001 has been announced by zinc producer Pasminco Ltd of Australia, compared to a profit of A$23.4 mil for the previous fiscal year. Bankers now hold the key to Pasminco's financial future.

When rumours spread that Australian lead-zinc mining company Pasminco was close to collapse, panic selling of the company's stock resulted in a price drop from a record high of AS$1.13 to a record low of 21.5 cents per share. The company's reassurance that it could meet its commitments brought buyers back and took the price up to 29.5 cents, but analysts predict a loss of AS$70 million for 2001.

Australian zinc mining company Pasminco's share price dropped from $AS1.84 in January 2000 to 68 cents in December of the same year, and the company lost a large amount of market share. In response to calls for his resignation, the company's chief executive, David Stewart, launched a business improvement program of large cost cuts and potential staff cuts.