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. 
bereich und Grundstoffbereich angeordnet, eingeschlossen die Produktion von Aluminium und Gold. Zusätzlich sind die Steuern für Ölprojekte, die angeblich Venezuela „berauben“, erhöht worden und eine Revision der industriellen Projekte ist angeordnet worden, um den finanziellen und technologischen Nutzen für die Nation zu maximieren. Faria sagte, Chavez habe eine wachsende Sorge um Umweltthemen geäußert, eingeschlossen die Bedrohung der Venezuelanischen Wälder durch Bergbau. „Wir möchten keine Konzession herausgeben gegen diese Prinzipien von ihm (Chavez)“. ...<