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Gold/Mining/Energy : Gold and Silver Mining Stocks -- Ignore unavailable to you. Want to Upgrade?

To: russwinter who wrote (2573)	10/8/2001 12:30:08 PM
From: goldsheet	Respond to of 4051

> that could escalate closures. Key word is "could", but it has not happened yet. I have talked to someone who worked at Pasminco and insists the mines, especially Century, are viable. They expanded too quickly, took on too much debt, and had currency hedge problems. The financial structure of the company will probably destroy the firm, but the mines are still there and are still operational. Regardless of what happens to Pasminco, whoever ends up with the mines will most likely keep them running. > financial condition will be the key variable in this one? The interesting thing is Pasminco took the writeoffs and already took the "asset liquidation" (as you describe mining) on their balance sheet. The next owner will have a new capital cost basis (lower), so when they pencil out their pro formas the mines will look good. You know accountants they will keep sharpening their pencils until it comes out the way they want it !