its official

The failed Australian zinc miner Pasminco is to be rebadged as Zinifex. The float of Zinifex will take place on 1 March 2004. Pasminco failed in September 2001 because of the weight of its debt, the low price of zinc and a poor currency hedging decision. The float will value Zinifex at between $A1.2 billion and $A1.5 billion. The main reason for the float is that it will help 39 banks to recover some of the money lost in the collapse of Pasminco. The former shareholders of Pasminco will get nothing from the float. The old Pasminco flagged a loss of $A272.4 million for the December 2003 half.