IMO the asset estimation and grading were bloated and didn't make any more sense to mine.
If they wanted their loan to be paid back in full they could've approved the deal and discharged themselves out of the equation.......would be very interesting to know on what grounds the CP deal was rejected by GL if their intention were as per below.
....
......
"The mine’s continued operation would simply serve to deplete the reserves and resources available at the mine, yet yield no returns sufficient to discharge Discovery’s Creditors.
“Continued operation of the mine has the net effect of devaluing the lenders security by way of depreciation in value of fixed assets of mine and the reduction in volume of resources available at Boseto Mine and an increase in number and amounts owing to the creditors of Discovery,” noted the Bank".
- See more at:
http://www.mmegi.bw/index.php?aid=50059&dir=2015/march/20#sthash.Ip4AR6zZ.dpuf
I have been a bag holder with few of my investments, except I don't know what I am holding here at the moment..........all equity gone like a fart in the wind :-(
so what was DML trying to do if the mine did not have sufficient resources to pay off the loans?
