Everywhere you look, you find something new...
Look out for a A$5.750,000 deposit coming in from MMG on July 1 2019 that our management team might use to improve the cash flow. I only say this because they have use this annotation previously for the June 2019 quarterly when referring to the "Cash and cash equivalents at end ofquarter": ^Cash and Cash Equivalents excludes the debtor of the final MMG support Payment for $5,575,000 received 1st July
So this is the last payment from MMG in relation to the Gulf Communities Agreement which is funds used to assist with ongoing rehabilitation and care & maintenance obligations. Furthermore, NCZ must only use the support funds for permitted purposes which include complying with environmental laws and making payment required under laws or regulations in connection with the tenements. My point is, this is restricted cash and should not be seen as an improvement in the cash position.I guess we have to assume that these obligations fall on NCZ to cover out of its own pocket going forward??? Another $12 out the door..
Also while looking into MMG accounts, I found that as of 31 January 2017, MMG had a rehabilitation liability of US$332,533,000 carried on its balance sheet for the Century Zinc mine. So while the bond is A$200m, there is no guarantee that will be the final amount.
