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aus the AUTRALIAN vom 30.11.04
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Gwalia refloat speculation
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By Robin Bromby
November 30, 2004
EXPANSIONARY moves by the administrators at failed gold and tantalum producer Sons of Gwalia have sparked market speculation they may be planning to refloat the company rather than dismember it.
This would, if it eventuated, reprise the resurrection of zinc-lead producer Pasminco in its new guise of Zinifex - some assets sold off, but the key ones forming the basis of a reborn company.
Analysts argue that once the gold assets at SoG were flicked - and they were the main reasons why the company went bust in August - there would be no reason why its tantalum operations could not form the basis of a new listed vehicle. Debts at SoG total $862 million.
Ferrier Hodgson joint administrator Garry Trevor and SoG managing director John Leevers yesterday announced both a new sales contract and an $18 million mine expansion program.
One of SoG's main tantalum customers, German-based Bayer subsidiary HCStarck, has signed to take at least 800,000 pounds a year from 2006 to 2008, its present contract expiring in December next year. That was expected, as SoG is the dominant world supplier of the mineral. But the administrator has also decided to spend $18 million on the company's two West Australian tantalum mines.
Of that, $10 million will be spent to restart underground mining at Greenbushes, adding 500,000lbs to yearly output and raising annual capacity combined with the open pit to 1.1 million lbs.
Another $8 million will be used to upgrade the treatment plant at the Wodgina mine to allow it to handle different types of ore.
Hartleys resources analyst Jonathon Battershill said that once the gold assets were sold off, the administrator would be left with the option to take the Zinifex route and bring a revamped industrial minerals company back to the market.
"This would be a clean way to salvage something for existing shareholders," he said.
Mr Battershill said the potential buyers of the tantalum assets had all gone quiet in recent weeks.
"The administrator may think he's not going to get a fair price (for the tantalum mines) so he can let the market decide instead."
The moves have also been welcomed by a representative of the main US creditors of SoG.
Bingham McCutchen's Evan Flaschen said they showed that the long-term value of the SoG system was being enhanced.
While as many as 30 local companies - including Joseph Gutnick's Great Gold Mines - are believed to be eyeing SoG's gold assets, there is a much smaller field in contention for the tantalum side. The other big tantalum customer, Cabot Corp of the US, has expressed interest but it is not a miner.
Junior Tantalum Australia is trying to marshal enough resources to make a bid but it will need a convincing case to put to the administrators.
The Australian