Much more than that. It looks like they bungled the mining plan, they are just not accessing the nickel they need to pay their costs. Prices don't help.
I thought it was pretty clear when they first came out with prdn problems, severity made clearer when MD pushed etc.
Only been watching the past couple of months initially as a general scan for closures, then to see if there might be a bargain at the end of it. But given the latest info it looks like there is a much smaller marginal resource still requiring unavailable capital to reach in something like a years time.
Hardly the low cost mid 08 8ktpa + touted, regardless of the fall in ni and credits.
EL
ALB Price at posting:
8.9¢ Sentiment: ST Sell Disclosure: Not Held
