Macmin's administrators are going to have to decide whether to mothball the plant pending a firmer silver price.
Fairly new equipment, it theoretically shouldn't be too hard. Close the gates, put on three security/maintenance staff, and spend the $3.1 mill wisely.
Sell off unnecessary crap, put the mine/plant on maintenance. Continue to heap leach at a trickle, build value in the preggers pond. Cross fingers, and hope that they can outlast the downturn. My bet is they could.
Do you think this is going to happen?
Not on your nellie - it will be a "wham, bam, thank-you Ma'am" administration, with view to liquidating the company, and selling it off as a going concern - at 1c in the dollar I predict - to a white knight consortium of investors (i.e. the O'Neill/ McNeil boys ride back into town, pick up $15 million worth of shareholder equipment assets and $3.1 m cash, for maybe $4 or $5 million.
It will be all over by 31 January 09.
Does anyone disagree?
MMN
macmin silver ltd
Macmin's administrators are going to have to decide whether to...
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