exciting time ahead, page-24

"profit" of $32M

No, it's a saving on long term debt,(not saying that's a bad thing)but there is not an extra $32 mill in the kity, still leaving a very large debt outstanding.


Can any cbh posters guess as to what the ship loader could fetch if sold?



PEM management have failed to act decisively during the downturn and are now in the situation where they are desparate having failed to act.

And the following isn't acting?

A summary of the production and operational changes include:

A reduction in milled tonnage from 1.8 to 0.95 million tonne per annum ('mtpa'), with annual production of approximately 55,000 tonnes of contained zinc and 50,000 tonnes of contained lead. Higher zinc grades of 6.5% and lead grades of 6.0% on the back of increased remnant pillar production (compared to current grades of 5.8% zinc and 3.5% lead). Importantly, an extensive exercise was undertaken to assess multiple production options, which has resulted in the new production plan being based largely around the re-sequencing of mining areas rather than a short-term high grade approach, which can undermine the long-term value of the resources.

Reduction in manning levels by approximately 440, 760 to 320 employees.

Lower capital and development expenditure for FY09

Lower exploration expenditure within the Broken Hill region.

Further cost reductions at the corporate head office.