I think we again need to seperate that the current mine owner can go bust (admin/receivership) but the mine can remain open. A couple of recent examples are Calidus (CAI) and Galena (G1A) or even Wiluna (WMC) or Panoramic (PAN).. the equity in all of these went to zero in the past ~2years but the operations, at least initially or in some instances still today - continued to operate. A closed mine is far less valuable than an operating one. The QLD government is a “stakeholder” in Curragh.. not Coronado, it has no interest in the US operations. Sometimes it’s just a change of ownership that occurs to resolve these things with the creditors taking over “ownership” away from the equity holders.
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