Albidon puts Munali on care and maintenance
By: Esmarie Swanepoel - 21st December 2012
JOHANNESBURG (miningweekly.com) - ASX-listed Albidon has announced that it would put its Munali nickel mine, in Zambia, on care and maintenance, and has given all of the staff at its wholly owned subsidiary Albidon Zambia 30 days notice.
The miner said that a small number of staff would be re-employed to provide security and other essential services for the care-and-maintenance of the mine.
Operations at Munali have been suspended since November last year, as the operation delivered less-that-budgeted nickel recoveries, and global nickel prices continued to drop.
An Albidon delegation travelled to Zambia this week to engage with senior Ministerial officials regarding arrangements for the continuation of the suspension of operations, under a more formalized care-and-maintenance programme, and to update community stakeholders on the company’s current situation.
Albidon noted that there remained ongoing uncertainty around the company’s financial future, despite majority shareholder Jinchuan providing funding as necessary to support Albidon in its restructure.
The restructuring initiatives were set to include the reorganisation and restructuring of the existing finance facilities to reduce debt and align payments, attracting new strategic and institutional investors, as well as recruiting new independent directors and senior management.
The company’s securities remained in voluntary suspension.
Ce que l'on conçoit bien, s'énonce clairement, Et les mots pour le dire arrivent aisément. BOILEAU