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Strategies & Market Trends : Commodities - The Coming Bull Market -- Ignore unavailable to you. Want to Upgrade?

To: craig crawford who wrote (742)	8/26/2001 8:50:14 PM
From: craig crawford	Read Replies (1) \| Respond to of 1643

Battling Pasminco puts off the bad news date thewest.com.au The July 20 announcement was more like a bombshell, revealing for the first time, in a clear sense, Pasminco's currency hedging disaster and the impact of the freefall in the price of zinc, the group's key commodity. Mr Gailey's lack of additional comment on Friday only fed the downside speculation in the market that the group was struggling to keep its bankers on board for the duration of its financial restructuring. .............................................................................................................................. Mr Rayner is also chairman of Pasminco, with his stand-aside at the nation's biggest bank to focus on Pasminco said to reflect the need to deal with the perception that he had a conflict of interest. Pasminco owes NAB up to $150 million. Pasminco's survival plan involves the sales of all its Australian mining interests. The key asset is the Century zinc mine in Queensland, which might or might not attract a $1 billion-plus bid. Earlier this week, ratings agency Standard & Poor's lowered its long-term corporate credit rating on Pasminco, saying the liquidity support provided by Pasminco's bankers was essential to the company's survival