SRZ Zinc mine in troubleSRZ is probably shutting down/ wall of supply starting to get some cracksRe: SRZ - prognosis negative
Huge guidedown. And they're out of money.
--------------------------------------------------------------------------------
As a result of the delays and lower than expected productivity and mill recovery
experienced to date during the 2008 production ramp-up, the Company now anticipates that
production for calendar year 2008 will be approximately 750,000 tons or approximately 25
million pounds of payable zinc versus previous estimates of 1.8 million tons or
approximately 100 million pounds of payable zinc. The Company expects direct mining
and milling costs to average US$1.38 / payable pound of zinc in 2008 and to average
US$1.67 / payable pound after royalties, freight and smelting costs, assuming the revised
production forecasts for 2008 are achieved.
--------------------------------------------------------------------------------
Currently, the Company estimates that if it is unsuccessful in raising additional financing
and/or refinancing its short-term debt it will not have sufficient cash to remain operating
beyond October 2008 and the Board of Directors is investigating a number of strategic
alternatives to address this situation.
I hope this bodes well for Tam, and has anyone heard how the MVLWB meeting is going?