"Simon Tonkin, an analyst at Patersons Securities, said a lot of things had gone wrong for the company.
"The lesson is there is always a specific trigger that comes out of the blue and hits these guys square between the eyes, and that is what happened when their major customer closed the doors," he said.
"I don't see any way out for them at the moment, perhaps other than calling in the administrators and closing the mine. It is a good-quality asset, but at current nickel prices it doesn't really turn a dollar."
MBN Price at posting:
1.6¢ Sentiment: None Disclosure: Not Held
