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All I am reading is continuous speculation from posters - some really enjoying the difficulties more than others considering they are not invested ( very sad people). We are in an uncertain position at present - fact. The one positive amongst the many negatives is that we have been in default with Newgen for 3 1/2 months and Elemental even longer and have still carried on trading and even starting to recruit again together with a rising copper price. Its anyones guess how this will pan out - we don`t need gloaters making the situation even worse as we are all investors at the end of the day.
The day to day business must be cash positive and they are paying down the unsecured creditors. The BOD must have taken advice because otherwise would be wrongful trading and open them to personal liability. The issue will be be what £reward elemental and Newgen will extract for their patience and on what terms they can renegotiate the debt. Hopefully the copper price will come to the rescue. Even in administration the underlying asset far outweighs the debt and the charges are to the extent of the os debt. not
The BoD and RMM are irrelevant, Newgen and Elemental own the mine. The BoD handed over the mine in exchange for a loan, and now the mine is GONE.
Employees will report to Newgen and that includes the previous management.
Unsecured lenders will not be paid, they come after secured have been paid.
If the loans can be repaid in a time scale that is acceptable to the creditors RMM will recover the assets. But everything, absolutely everything, is decided by the creditors.
Could the Canadian government have any say in the situation as I'm sure they would not want to lose a producing copper and gold mine? I remember John Meyer speaking on this matter, but that doesn't really mean anything I know, just a thought.
Mine will stay in production, owners will change.
Probably for the best really, except for everyone invested.
They have to say that it’s being taken over it’s still under rmm until the situation is sorted if not then it’s different
>Employees will report to Newgen and that includes the previous management.
And the parking attendants will have to tend to Newgen's Bentleys and not Bradbury's Dacia Sandero!