MBN (ASX) VAs Report

Originally posted by jantimot ↑

Unfortunately probably not.

"backstage information available to it the Ipiau ON LINE is that the company Mirabela, manager of the Project Santa Rita Mining, based in the city of Itagibá should be closing their doors until the month of June this year. The sad news for the local economy is supported by the fact that this Thursday (07) all the company's staff who had not been laid off (which makes a staff of about a hundred people) will be receiving new notices, this time definitive.
The last straw for the industry's crisis was the delay in the fulfillment of agreement with the State Government, through which should be released in tax funds retained for the Project Santa Rita had a survival rate, hoping for an improvement in nickel prices on the international market.
If confirmed definitively closing the Mirabela should be the end of an era, which first announced that would last thirty years bringing prosperity to the region, but did not last ten leaving a legacy for the regional population with economic crisis scenario even worse than that found in the region (of cocoa tradition) before the arrival of the project."

http://ipiauonline.com.br/mirabela-...odos-os-funcionarios-e-pode-fechar-ate-junho/

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I thought you said don't trust what you read from the local media...... but given it's the day of the 2nd VA meeting it's likely true.

But this local report is surprising, given I thought I read somewhere that indicated that the creditors will only continue to support MBN if they received the VAT refunds so it's either they shaft the state after receiving the refund (as reported by multiple media source there was a 40M REAL) or there was a loop hole that said if they only receive the entire 45M REAL refund (they only got 40M REAL) or the creditors changed their mind and told MBN to give back the 40M REAL refund.

As indicated in my previous post, C&M is best for the creditors and us in the future but very bad for the locals so it looks like the creditors are happy to fund the C&M? but I have been very surprise how long the nickel price has been this low.........