After yesterday’s news that the town of Pine Creek is in the gun comes this from the West Australian:
Kimberley iron ore miner Pluton Resources is teetering on the brick of disaster, warning shareholders yesterday it faces a struggle to remain viable if it cannot raise at least $47.5 million through a rights issue.
Pluton bought the historic Cockatoo Island iron ore mine from Cliffs Natural Resources in 2012, banking on a recovery in the iron ore price to deliver profits.
…Pluton said yesterday it has liabilities of $53.7 million and, though creditors owed $17.5 million have agreed to a debt-for-equity swap, it needs to find at least $47.5 million through the equity raising.
The company raised $17 million in May. Not enough people read the morning update.
