GREY:MLKKF - Post by User
Comment by
LuvMyGoldon Nov 16, 2006 1:53pm
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Post# 11694555
aiminvestor
aiminvestorThe post you were looking for is on the v.ROK board. Here is Califdreaming's thoughts on the subject as posted there:
"Although Asarco built the Van Stone mill, they sold if off in '90s to another mining outfit (who later went BK). Some property developer recently bought the land where the mill was located and sold it to Roca for $325,000 (1,000 tpd mill and concentrator) - which was right in line to the $6MM ML paid for their now disputed 20,000 tpd mill.
The difference was that ML's mill was bought via BK which allows Asarco to contest any sales up to two years later. Since ML wasn't aware of the potential lawsuit, they stupidly failed to remove the major equipment that is critical for their new project. They had over a year to do so, so they have nobody to blame but themselves...
Obviously, ML's time line for '08 production will slip badly if they don't get a quick resolution or if they are forced to buy new equipment (which bodes even better for Roca as that delays new Moly supply coming on line - I am rooting for Asarco to stick it to ML)"