Hearing rumours of wall failures at both Cascade and Southland. Have heard for a while that the access roads at Cascade are too steep. Apparently trucking coal from a local mine up to Cascade, washing it and then trucking it back down the hill to Holcim.
Not exactly news but they must be set for a huge quarterly loss again.
Must be another huge writedown coming up. from original ~$35m paid, have already written off ~6m+. Plenty more to come I'd say.
Whilst not much value assigned to operating assets, debt covenants might come into play. Projects are listed on the books at ~$314m which is an absolute fabrication of truth. I am not familiar with the debt terms but if they are significantly impaired it may trigger technical default?
slippages at cascade and southland
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