article in the west australian, page-6

What is the real story behind the VA. A lot of articles say it is due to the Minsec debt but the article from the SMH says it was due to a shortfall of cash due to provisional copper payments and the expansion and not the debt refinancing at all, which makes more sense as they had to end of this month for refinancing.

Were there any reasons given at the creditors meeting yesterday and any hints of which way they may be heading from here?

Cheers Fero



"QUEENSLAND copper miner CopperCo fell into administration due to its inability to reimburse Swiss commodities trader Glencore after a plunge in the copper price, rather than a looming $US45 million ($60 million) debt repayment to Macquarie Bank.

The receiver appointed by Macquarie, Darren Weaver, of Ferrier Hodgson, said yesterday CopperCo's board took the decision to appoint an administrator after it was left with too little working capital to survive.

Rival miner Matrix Metals - a higher-cost producer - entered administration for the same reason last month.

"There were provisional pricing issues and also a requirement for additional working capital to meet the costs of [CopperCo's mine] expansion," Mr Weaver told the Herald. "The mine is operating as normal under our control as receivers and managers.""