I read that Blackham (BLK) is the eighth operator of the Wiluna gold field in the last 15 years. And the owner immediatley prior to BLK went broke running the operation, so Blackham was able to pick up the mine, the plant and the accommodation village for under $5m. Blackham might have recently raised $36m but they also carry debt of $39m, and it would appear that the operation is currently bleeding cash badly. From what I can gather the current Blackham management are doing something a bit different by focusing on open pit production rather than underground production but that new strategy, for the time being at least, seems not to have turned the liquidity situation around.
It sounds harsh but I would hope Ramelius management view BLK's circumstances from the perspective of a vulture rather than of an angel.
I read that Blackham (BLK) is the eighth operator of the Wiluna...
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