Pasminco History LessonCentury Mine was up and running long...

Pasminco History Lesson

Century Mine was up and running long before Pasminco went into administration in September/October 2001. I was there at the time, at Century.

Pasminco were playing silly buggers in the international finance market (actually with foreign currencies) and got caught short.

As this was essentially unauthorised usage of funds, voluntary administration was entered into. They traded through and back out the other side and then re-christened themselves Zinifex, possibly to wash off the dirt.

It's unlikely the banks will foreclose on CNP while they are still a going concern with a commodity. I mean it's not like anyone stopped paying the rent. Debt's these big are too large for banks to close on, so they service the debt and milk them all the way through. Why foreclose when you can milk?