Does it spell death or resurrection? Anyone with more information or insight ?
From yesterday's newswire:
Monto Minerals placed in administration September 1, 2008 - 7:13PM
""Mineral sands miner Monto Minerals Ltd has placed itself in voluntary administration after falling well short of production targets at its flagship Goondicum mine in central Queensland.
The dual-listed company announced in March that a ramp up of production at the mine had been slower than expected.
It had problems including low processing plant availability and reliability, which had increased working capital needs.
A review of the project was undertaken to determine its future.
The Brisbane-based company said the project had not reached production targets for its first phase of operation, "despite actions taken to improve plant availability and production rates".
"A number of significant flaws in the design of the project's feed-preparation area have been identified and it is believed that these issues are the primary cause for the project's poor operating performance to date," it said.
Directors concluded that the appointment of an administrator was in the best interests of shareholders and other stakeholders after considering the outcome of the review, investigating funding options for likely capital and operating requirements, and taking account of current and forecast cash positions.
Monto had $15.88 million in cash at the end of June.
Monto is listed on the Australian and Alternative Investment Market in London. ""
