Pasminco Says It Has Offers for Zinc Mines (Correct)
(Corrects word usage in first paragraph.)
London, Oct. 18 (Bloomberg) -- Pasminco Ltd., the biggest
zinc miner and refiner, said it has received offers for Australian
mines it hopes to sell to repay $1.7 billion in debt and return to
solvency.
Two Australian rivals, Consolidated Broken Hill Ltd. and
Pirilya Ltd., have bid for the Broken Hill mine, said Greig
Gailey, Melbourne-based Pasminco's chief executive. Other
purchasers have expressed interest in the company's most valuable
property, the Century mine, he said.
``We are considering the offers,'' Gailey told reporters at a
London metals conference. ``A decision will not be made until the
broad strategy of the company is finalized in January.''
Pasminco admitted insolvency Sept. 20 after concern about a
falling zinc price and exposure to currency-swaps had driven its
shares down 92 percent on the year. In July, a newly arrived
Gailey said the company would sell mines to pay debt and focus on
zinc processing.
Now Ferrier Hodgson, Pasminco's administrator, may decide
instead to liquidate the company, or sell off operations outside
Australia and leave the rest intact to ``ride out the slump,''
Gailey said. Zinc, used to make steel rust-resistant, has fallen
26 percent this year in London trading.
--Jon Hurdle in the London newsroom (44) 207 673 2095 or
jhurdle1@bloomberg.net/cm |
