Croesus Mining N.L. WKN 871 679 ISIN AU000000CRS5 CRS

    Croesus advisers put finishing touches to revival plan


    The fate of ailing gold miner Croesus Mining's Norseman gold operations will not be known until the end of the week, to allow the finishing touches to be applied to a new mining plan and the completion of a deal with the company's hedging banks.


    However, both its Bullen and Harlequin mines at Norseman now look set to carry on under the revival strategy, which will also recommend a move to supplement production by treating ore from other gold projects in the area. Chairman Michael Kiernan confirmed at the weekend that a detailed review by external advisers - including a new mining plan for the Norseman mines - was largely complete but the details would not be finalised until later in the week.


    "I have met with the team that is putting together the plan and we will finalise that on Thursday or Friday, and that includes talking with the hedging counter-parties," he said.


    "We're finalising a proposal to put to the hedging people which will include a management structure going forward."


    Croesus shares were suspended two weeks ago after a blowout in production costs and substantial production shortfall at the Harlequin mine which left the company unable to meet its hedging commitments with Macquarie Bank.


    Already nursing a mark-to-market loss of $25 million on the hedge-book at the end of December, Croesus was pushed to the brink of collapse by a surge in costs above $800 an ounce - roughly $200/oz above the delivery price of its hedging contracts.


    It was also producing only about 7000oz a month, well below the 10,000oz needed to meet its commitments.


    Mr Kiernan said productivity needed to improve substantially, especially at Harlequin, where too few production faces had been developed and the mining method was inappropriate for the narrow-vein mineralisation.


    While Mr Kiernan declined to comment on whether Harlequin would remain open, it is believed likely to stay in operation if a partial standstill deal can be struck with the hedging banks.


    The new mining plan is believed to be targeting monthly production of about 8000oz. To supplement that production, Croesus is expected to target additional medium-grade feed from external sources to keep the Norseman plant at full capacity and produce up to 12,000oz a month.


    Croesus has previously held discussions with junior Avoca Resources, which is looking for a toll milling deal to start production from its nearby high-grade Trident project at Higginsville by the end of the year.


    A number of small satellite deposits are also owned by other companies in the Higginsville-Norseman region that could potentially provide additional feed.


    In the meantime, Mr Kiernan plans to visit London next week to talk to investors in Consolidated Minerals. However, London's investment community is also expected to play a key role in any recapitalisation of Croesus, along with Mr Kiernan and his business associates.


    Before Croesus hit strife, Mr Kiernan flagged a listing on London's Alternative Investment Market for both it and his emerging gold miner Monarch Resources.
    http://www.thewest.com.au/2006…iness-home-sto133838.html

    Croesus crisis avoided thanks to Macquarie's heart of gold
    Robin Bromby
    April 08, 2006


    MICHAEL Kiernan gave himself a welcome gift for his 57th birthday yesterday - a fighting chance that his Croesus Mining will survive.


    The West Australian gold producer yesterday said Macquarie Bank had agreed to support a restructure of the company even though Croesus was not meeting its commitments to deliver 10,000ounces a month to the bank under hedging contracts.


    The bank - not known for being a soft touch - has recognised that Croesus's Norseman operations can manage only 8500oz a month until a new mine plan is worked out. Not only that, but it will let Croesus sell some of that production at the spot price, now about $815, against the hedging contract of $580.


    The heady mixture of Macquarie's letting Croesus off the hook - calling in the administrators was the most likely other option - and a relaxed birthday lunch had Mr Kiernan in warm and fuzzy mood yesterday.


    "Macquarie have been wonderful," he purred. But just how wonderful he has yet to find out: he wants half that 8500oz a month for spot selling to pay for exploration, but has yet to hammer out details with the bank.


    After that he wants to ditch the name: it now has ugly connotations and many mispronounce it.


    Just as he changed his manganese-chrome success story from Valiant Consolidated to Consolidated Minerals, and watched Anaconda Nickel ditch that stinker of a name for Minara Resources, so a new name will, he hopes, signal a new future.


    And, as well as making himself executive chairman, he will bring in his ConsMin team: Allan Quadrio as managing director and David Macoboy, ConsMin's finance director, will sit on the Croesus board.


    The shares will remain suspended until the documents are signed by Macquarie by April 28.


    Two weeks ago, Mr Kiernan, who took over as non-executive chairman in November, put Croesus's survival at 50-50.


    But yesterday it had firmed to 85-15 even though a deal has to be made by the second and smaller hedging counterparty, Mitsui, who Mr Kiernan described as being "a bit tough".


    He is still scornful of the former management.


    But the signs Croesus was in trouble were evident before November. The company reported a $17million loss for fiscal 2005 and the company had announced the closure of its Davyhurst operations due to soaring costs.


    One analyst yesterday said Croesus had long run down its reserves and not spent enough to replace them: "This was clear to the market for years."


    The latest crisis was triggered by Croesus not being able to deliver the 10,000oz a month that was due to Macquarie.


    The best it could manage was about 7000oz a month. And, apart from the drama with Macquarie, that meant Croesus had no exposure to 25-year highs in the gold price.


    Productivity was another problem. The industry standard for underground mining is that between 200m and 250m of drive is completed each month. At the Norseman underground operations, they were managing 50m.


    Mr Kiernan said yesterday that in the past two weeks the underground teams had lifted the rate to at least 150m a month.


    The other challenge was to find more ore either through its own exploration success or doing a joint venture.


    But the worst was over, Mr Kiernan said: "We can now build a company."
    http://www.theaustralian.news.…0867,18746075-643,00.html


    Für eine Namensänderung schlage ich Anti-Croesus vor: Alles, was die Firma berührt, wird zu Mist.

    Die zweiwöchige Handelsaussetzung seit dem 17.März dauert nun doch schon über 14 Tage. Aber Hoffnung besteht:


    Croesus mending the hedges to get back some glitter


    SHARES in embattled gold miner Croesus Mining could resume trading as early as next week after a late agreement between the Kalgoorlie icon and its two key hedging banks.


    Croesus chairman Michael Kiernan said the company had reached in-principle agreement with Macquarie Bank and Mitsui Precious Metals for a long-term restructure of its onerous hedging commitments, ensuring the miner's survival.


    The two banks last month gave Croesus until April 28 to thrash out a restructure and revival plan, after major production shortfalls and cost blow-outs at its Norseman mines threatened to send it to the wall.


    Mr Kiernan said the matter had gone "to the wire" before both groups agreed to roll-out contracts covering 240,000 ounces of gold on Friday.


    "There was a fair bit of huffing and puffing and I didn't think it was going to go anywhere, but there was an 11th-hour breakthrough and we've now got an agreement to reconstruct that hedge delivery schedule," he said.


    Mr Kiernan said the final details were expected be agreed over the next two weeks, and Croesus' hedging commitments were likely to be extended over two years.


    Once those details were agreed, the stock — which was suspended at 27.5¢ on March 16 — should be able to resume trading soon after.


    Mr Kiernan said Croesus workers had already responded well to the company's problems, resulting in a major lift in productivity that had cut operating costs at Norseman.


    But there was still some way to go before the company hit the production and cost targets laid out in its restructure plan, devised in partnership with turnaround advisers Pitcher Partners.


    "The boys on site are doing their job, and without the hedge, this thing would be making in the order of $18 million to $20 million a year once we get the costs down to where want them," he said.


    The new mine plan aims for production of more than 8000 ounces a month from the Bullen and Harlequin mines, of which roughly half could be sold on the booming spot market.


    Previously, Croesus had been required to deliver about 10,000 ounces a month into hedging contracts struck below $A600 an ounce.


    Mr Kiernan has already brought in a number of former allies from Consolidated Minerals to guide Croesus in its recovery, including finance director David Macoboy, new Croesus chief Allan Quadrio and operations supervisor Barry Cahill.


    Croesus is also contemplating a potential $15-25 million capital raising later this year. :rolleyes:
    http://www.theage.com.au/news/…/05/01/1146335670524.html

    dieser Mr. Kierman wird mir stündlich sympathischer.

    Erst die Klinsmänner vor die Tür gesetzt. Das war der Schlüssel.


    Sollte die Hälfte von der jetzigen Veröffentlichung zutreffen,

    dürfen wir nicht vergessen, einen Eimer unter den PC zu stellen.

    Da fallen dann die Taler rein.


    Bisher stand der Eimer ja umgedreht im Garten.

    Wer draufstieg konnte die Sonne etwas früher aufgehen sehen.


    gogh

    Ich sagte schon, daß der Firmenname vollständig unzutreffend sei und dies scheint endlich auch Croesus selbst einzusehen und will sich in Norseman umbenennen.


    Seit dem 17. März Handelsstop und die zweiwöchige Handelsaussetzung sollte sich dem Ende nähern.


    >Croesus chairman Michael Kiernan yesterday said the parties had still not signed off on the restructure but were "99.9 per cent there".


    Under the proposed restructure, Macquarie would give Croesus an extra two years to deliver 160,000 ounces now contracted and allow the miner to sell half of its current production into the booming spot market.


    Mr Kiernan said Mitsui had also closed out its 40,000oz exposure to Croesus, leaving the miner owing $11 million to the Japanese metals trader. Croesus had asked for a six-month standstill on repayments to Mitsui, which may also convert some of the debt to equity, he said. Croesus had also asked Macquarie for a six-month standstill on its hedging commitments.


    Once those agreements had been finalised, Croesus would be ready to start rebuilding.


    Mr Kiernan said the name change would be a central part of the rebuilding program, along with at least two capital raisings and a London listing.


    "The bottom line is we'll be looking to raise $10 million in the short-term and $15-20 million in the long term," Mr Kiernan said. "For the short term (money), I'll probably look within Australia, and the longer term will most likely be (raised) in London."<


    Wer sich hier rechtzeitig positioniert, kann noch an mindesten zwei Kapitalerhöhungen teilnehmen.

    grob gerechnet war MKP vor trading Halt 70 Mio ASD.

    jetzt sollen 30 Mio aus KapErh dazu.


    Ohne Abwertung wären das zusammen 100 Mio ASD.


    Halt ich für nen sanierten Croesus für angemessen.


    Geht der Fahrstuhl nach unten, steigt gogh zu.

    Hallo zusammen,


    kann mir jemand sagen wie es mit Croesus Mining weiterging. Haben die sich jetzt umbenannt in Norseman?
    Ich habe noch einige Aktien von denen, aber keine Umbuchung erhalten. Oder ist immer noch Trading Hold?

    Entspricht wohl der Einsetzung von Konkursverwaltern.


    Dumm gelaufen. Die Verhandlungen mit den Hedging Partnern sind nicht erfolgreich verlaufen.


    Unfortunately the Board was unable to reach a satisfactory agreement with a second hedging counterparty. In the absence of this agreement, the Board concluded the necessary capital to put the Company back on a sound financial footing would be unable to be raised.


    Wieder hat das Hedging ner Firma das Genick gebrochen. :D

    Beim aktuellen PoG unter 600 USDdürfte CRS garkein Problem haben,

    weil die Hedges ungefähr zu diesem Preis festgemacht sind.

    Eng wird es nur, sollte der PoG deutlich steigen z. B.

    auf den letzten Höchststand von ca. 730 USD.


    gogh

    Zitiert aus ABC.net.au



    "Last Update: Monday, June 26, 2006. 6:31pm (AEST)


    Gold mining company in administration


    One of Australia's biggest domestic gold companies has been placed into administration.



    The Kalgoorlie-Boulder based company Croesus Mining suspended


    trading three months ago after posting a first-half loss of $27 million.



    The company's board appointed an administrator because it was unable


    to strike a deal with its Tokyo-based hedging partner.



    The administrator, Brian Hughes, says the company's flagship gold


    mine in Norseman and its employees will be protected.


    Mr Hughes says the operation is still viable.



    "There's a big opportunity here and that's just a case now of playing that out," he said.



    "We'll be advertising, looking for expressions of interest for restructuring


    the company, recapitalising the company, selling various assets.



    "We'll cast the net wide and see what opportunities arise, but the bottom


    line is it's going to be business as usual at Norseman."




    Croesus chairman Michael Kiernan has vouched for the 250-strong work force at Norseman.


    "The employees' entitlements and their salaries in the past are safe," he said.



    "Their entitlements and salaries going forward are also safe."


    Mr Kiernan says calling in administrators could have been avoided if the


    company's Tokyo-based hedging partner Mitsui had agreed to let


    Croesus defer paying its debt."

    http://au.biz.yahoo.com//060626/30/rxab.html


    Tuesday June 27, 8:18 AM
    Gold miner Croesus goes into liquidation


    Troubled gold miner Croesus Mining NL has gone into administration after failing to restructure its finances and meet its hedging debts.


    The company had been working for several months to restructure its operations and finances.


    However, in a statement to the Australian Stock Exchange (ASX: ASX.ax) administrators Bryan Hughes and Vincent Smith of Pitcher Partners said they were appointed at 1700 AEST last Friday.


    The administrators noted Croesus had launched a recovery plan some months ago which had been "operating substantially".


    Significant progress had been achieved in turning around the company's flagship Norseman gold operations in Western Australia from significant monthly losses to a point where it was now generating cash surpluses, they said.


    "Given the operations have been turned around from substantial losses to cash surpluses, it was with enormous disappointment that the board concluded it would not be able to restructure the group's finance sufficiently to allow further necessary capital to be raised and hedging debts to be met," they said.


    In April, Croesus unveiled a plan to get it back into positive cashflow, with the backing of its main creditor Macquarie Bank.


    Pitcher Partners said Croesus had reached and executed an agreement with Macquarie to reschedule its hedging positions, but failure to agree with another company had hindered the company's capital raising ability.


    "Macquarie Bank Ltd have been constructively assisting the company to resolve its issues and continue to support the company and the administration," the administrator said.


    "Unfortunately the board was unable to reach a satisfactory agreement with a second hedging counterparty.


    "In the absence of this agreement, the board concluded the necessary capital to put the company back on a sound financial footing would be unable to be raised."


    The administrators said the moratorium now provided by the administration process would allow all options for either a sale of the operation or a restructure and recapitalisation of the group to be explored.


    Croesus chairman Michael Kiernan said in April the company had devised a short term plan to return its Norseman gold mine to profitability.


    He said at the time the biggest problem was the insufficient ore supply to maintain the processing plant at full capacity.


    As result, the production levels were insufficient to meet Croesus' full hedging commitments.


    Croesus shares were suspended from quotation on March 17 after last trading at 27.5 cents, one day after the company reported a net loss of $27.38 million for the first half of 2005/06.


    Shareholders had been told in November 2005 to expect a return to profitability in the second half.


    The company first listed on the ASX on August 24, 1986.



    Und Klinsmann hat den Elchtest bestanden. 8o

    Über Klinsmann bekommen wir nach festem Zeit-Spielplan Klarheit.


    Bei CROESUS wird das wahrscheinlich länger dauern.

    Bleibt der PoG zwischen 550 und 650 USD braucht man

    sich über CRS keine Sorgen machen. Zur Zeit strotzt

    Croesus vor Kraft.

    Gottseidank ist der Croesus nicht mehr von Klinsmännern geführt.

    gogh

    Martin Siegel:


    Die australische Croesus meldet den Verkauf der Central Norseman Mine für 66 Mio A$ an die britische Davos Resources. Mit dem Geld dürfte eine Sanierung der Croesus möglich sein. Allerdings sollen die Aktien im Verhältnis von 15 alten Aktien zu 1 neuen Aktien zusammengelegt werden. Anschließend soll eine Kapitalerhöhung durchgeführt werden, so daß Croesus als Explorationswerte weiter existieren kann. Wahrscheinlich werden dadurch etwa 90% des Gegenwertes der Croesus verloren gehen.

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