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AUSTRALIA'S PASMINCO RECORDS BEST ZINC PRODUCTION RATE IN 25 YRS.
BRISBANE, Nov 1 Asia Pulse - Pasminco Ltd (ASX:PAS) moved closer to relisting on the Australian Stock Exchange after it produced its best zinc production rate in 25 years.
Pasminco said the three months to September 2002 had been a significant period for the Melbourne-based group, with its creditors voting to accept the restructure proposal that would enable Pasminco Resources to seek to list through an initial public offering in early 2003.
Pasminco said it was still the world's largest integrated zinc producer, despite being put in the hands of voluntary administrators 13 months ago after zinc prices nosedived to 15-year lows and its disastrous hedging left it nearly A$3 billion (US$1.67 billion) in debt.
Pasminco said today it achieved strong results for the September 2002 quarter, following on from record production in the June 2002 quarter.
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