KZL's Copper asset is circa 40Mt at 1% (including 20mt from CSE) plus 12mt zn+pb at 9.1%, plus the mills, this should be much more than $150m even at fire-sale price.
the rest are AB znic + MUX holding= current MC.
The largest debt of KZL is the "Deferred tax liabilities $80,968,000," however this can be offset by "Deferred tax assets $81,198,000" so the $80.9m biggest debt is actually ZERO.
KZL repaid ANZ $40m recently, so currently KZL owes ANZ less than $30m. The rest will be the total of cash on hand+ trade receivable +cash flow from stock pile processing to offset trade payable.... so after KZL sold the nickel and paid ANZ $40m,
All of KZL's total (current + non current) liabilities is less than $50m at the moment which is close to MUX holding value.
However looks like the board still cannot accept the fire-sale yet even after appointed the Admin--just using administration process to get more time to sell non core assets.
"Hosing down investor fears of an asset fire sale, Mr Ryan said the miner believed it could recapitalise and emerge from administration."
"In this case the directors' view, the company's view, is that by using the voluntary administration process they'll be able to restructure the affairs of the company . . . as opposed to a fire sale of the assets," he told _WestBusiness _. "There are various options that may unfold."
"Those options could include the sale of non-core assets."
I believe the non-core assets now refer to MUX($40-60m, Copper tenements from CSE($20m) AB 96Mt at 5.3% Zn+pb($30-50m?)
Hoever I still expect a takeover bid to end this mess.
KZL Price at posting:
12.0¢ Sentiment: None Disclosure: Held
