I knew things were tough for Tizir this year, but since June MDL's share price has turned for the worst. I had looked at the Tizir half year report and now the 3rd quarter report, and judging from the MDL share price, things must not be improving?
Although the asset value of Tizir is over 800m, debts are over 300m. Significantly Tizir suffered a 35m loss from the half year report.
Losses have been explained by GCO's ramp up to full speed, Norway's furnace reline and falling titanium feedstock and mineral sands prices. The question is will Tizir turn a profit when the furnace comes back online and GCO is near to name plate speed.
Crunch time has arrived and creditors have put their hand out for money. It appears this has been resolved by MDL and Eramet chipping in 25m.
I recall reading MDL had approximately 20m in the bank prior to the Tizir payment. Will MDL need to make another such payment in 12 months time?
BP
I knew things were tough for Tizir this year, but since June...
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