i had a look at this this morning. Arranging the refinancing of...

i had a look at this this morning. Arranging the refinancing of the debt of $400m and getting $200m extra to facilitate reopening mines was no mean feat. The banks probably felt it was better to risk a little more than let $400m go.

The old adage, if you owe banks 0.5m you have a problem, if you owe $400m and can't pay they have a problem.

Even with the recent equity raising, they burned $36m in one quarter with no revenues so this company only survives because it's major shareholders must be supporting it with guarantees. The mine assets will be worth far less in a liquidation.

I was impressed with the style of recent reportings to the ASX, little bit of nouse there.

Not one for me, my history with high risk technically insolvent companies is not good.

But it may now survive, and that would be good for the Corrimal area that needs employment opportunities