Business Services Industry
Bids in for MacBank's Beaconsfield debt.
Australasian Business Intelligence, December, 2006
Byline: Elisabeth Sexton
Dec 03, 2006 (The Age - ABIX via COMTEX) -- There were at least two expressions of interest in Macquarie Bank's $A48m debt parcel relating to the Beaconsfield gold mine in Tasmania. Macquarie is to sell the debt and give the proceeds to the employees of the mine, instead of its original commitment to place the debt into a trust to benefit the workers. The offer was made after the April 2006 mine collapse that killed Larry Knight and trapped Todd Russell and Brant Webb underground for a fortnight. Both 51.5 mine owner Allstate Explorations and minority partner Beaconsfield Gold have expressed interest in the debt. Macquarie's acquisition of it in 2002 for $A300,000 features in a legal action by shareholders in Allstate, which has...
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