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Pasminco was an Australian mining company founded in 1988. It was placed in voluntary administration in September 2001.

History

Pasminco was established in 1988 when Conzinc Riotinto of Australia and North Broken Hill Peko merged their lead and zine operations.[1][2]

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.[3][4][5]

Certain assets were transferred to a new entity, Zinifex, which was listed on the Australian Securities Exchange in April 2004.[6] 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.[7][8]

With this completed, in November 2014 administrator Ferrier Hodgson advised creditors they would receive 22 cents in the dollar.[9]

References