Pasminco

Pasminco
Company typePublic
ASX: PAS
IndustryMining
Founded1988
FounderConzinc Riotinto of Australia
North Broken Hill Peko
Defunct2004
FateBankruptcy, operations taken over by Zinifex
SuccessorZinifex
Headquarters
Melbourne
,
Australia
Number of locations
Australia
The Netherlands
United States
ProductsZinc, lead
Websitewww.pasminco.com.au

Pasminco was an Australian mining company founded in 1988. It was placed in voluntary administration in September 2001 with its assets sold in stages until 2004 when the remaining assets were spun-off to Zinifex.

History

Pasminco was established in 1988 when Conzinc Riotinto of Australia and North Broken Hill Peko merged their lead and zinc operations.[1][2] In May 1998 the Emu Bay Railway, which hauled trains from Pasminco's zinc mine at Rosebery to Burnie, was sold to Australian Transport Network.[3]

On 19 September 2001, Pasminco was placed in voluntary administration due to a combination of low commodities prices, high debt servicing costs, the adverse impact of a weak Australian dollar on its currency hedging position and a failure to secure appropriate financial accommodation from its financiers.[4][5][6] In March 2002, its Broken Hill mining operations were sold to Perilya.[7][8]

Remaining assets including mines in Mount Isa and Rosebery, and smelters in Budel (The Netherlands), Clarkesville (United States), Hobart and Port Pirie, were spun-off to a new entity, Zinifex, which was listed on the Australian Securities Exchange in April 2004.[9][10][11] Other assets including the Cockle Creek Smelter were wound down. The Cockle Creek Smelter was closed in September 2003 with the largest site remediation in Australia conducted over an 11-year period.[12][13]

With this completed, in November 2014 administrator Ferrier Hodgson advised creditors they would receive 22 cents in the dollar.[14]

References

  1. ^ Pasminco gets TPC go-ahead Canberra Times 1 November 1988 page 19
  2. ^ Pasminco booming Canberra Times 31 August 1989 page 15
  3. ^ ATN Buys Emu Bay Tasmanian Rail News issue 201 May 1998 page 2
  4. ^ How poor choices Savaged Pasminco Sydney Morning Herald 12 July 2002
  5. ^ Annual report for year ended 30 June 2002 Pasminco
  6. ^ Statement to the 2001 and 2002 Joint Annual General Meetings by John Spark, Deed Administrator Pasminco
  7. ^ Sale of Broken Hill Mine Pasminco 11 March 2002
  8. ^ History Perilya
  9. ^ Pasminco Group Restructure Proposal Pasminco 2 March 2004
  10. ^ Institutional Offering Memorandum Ziniflex 11 March 2004
  11. ^ History Pasminco
  12. ^ Pasminco clean-up complete Newcastle Herald 23 November 2014
  13. ^ Pasminco Limited Ferrier Hodgson
  14. ^ Pasminco's rocky road Newcastle Herald 30 November 2014