what chance a competitive bid?, page-28

dogboy,

in an interview on 4corners the mine manager of the century mine was quoted as saying that the century mine was only months away from being cash positive at any price. If this is the case why would you want to shut it?

http://www.abc.net.au/4corners/content/2008/s2486503.htm

PAUL BARRY (to John Lamb): If you’ve got a decent mine which is worth plenty of money and you’re nine months away from making it profitable at virtually any metal price, how the hell is it that the banks won’t lend you money to tide you through that period?

JOHN LAMB, GENERAL MANAGER, CENTURY MINE: Oh well, I guess that’s a question for the banks. But that’s, that’s exactly our position. This is an excellent asset. It’s a world class mine. It’s run very well and it’s and it’s worth fighting for, you know.

PAUL BARRY: It hasn’t helped that the Royal Bank of Scotland is the company’s lead bank. Two weeks ago it announced a whopping $60 billion loss, mainly on subprime mortgages, and had to be rescued by the British Government.