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Another Gold Mine going belly up; Run out of greater fools wanting to buy Zero yield metal
Topic Started: 28 Dec 2013, 10:33 AM (2,579 Views)
Frank Castle
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Business As Usual

Not even enough money in gold to pay Vietnamese wages


Quote:
 
Indebted gold mining company besieged by creditors
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On Thursday, hundreds of people, including traders and contractors, surrounded the Phuoc Son Gold Co Ltd in central Quang Nam Province, requesting the company pay its outstanding debts.

The confrontation took place on Thursday afternoon, causing the company (under the Bersa Group – a Canadian-Australian joint venture,) to send a report to local authorities informing that it had halted operations, said Pham The Quyen, chairman of the Phuoc Son District, where the company is located.

The company has failed to pay its outstanding debts to business partners and small traders, Quyen said.
Many set up tents in front of Phuoc Son while security guards closed the company’s gate, preventing the angry crowd from entering the premises.

Some of the protesters tried to force the gate open with tools, including hammers. They also prevented any vehicles from leaving or entering the company.

The district police sent forces to the scene to keep order and security.

In a report sent to the Quang Nam Province people’s Committee on Thursday afternoon, the company wrote that the blockade by its creditors had paralyzed the company’s operations and that such a besiege is “illegal,” causing public disorder.

Therefore, the company decided to suspend operations from December 26, 2013, the report said.

Large outstanding debts

The district authorities said Phuoc Son has failed to pay its debts, totaling over VND30 billion dong (VND1 billion = US$48,000).

Phuoc Son’s creditors are varied, from contractors, business partners, and hotels to small traders, including traders of vegetables and bread.

Among the major creditors is Quang An Material Exploitation and Works Construction Company, located in Kham Duc Town, Phuoc Son’s main contractor.

On December 20, Quang An stopped its service of transporting gold ore for Phuoc Son, requesting the latter pay its debts totaling VND20 billion ($960,000).
However, Phuoc Son promised to pay only VND1 billion per month for a period of 20 months, the creditor said.

Le Thi Do, the owner of Trung Do Hotel, said Phuoc Son owed her VND420 million ($19,800), which is the accrued outstanding charges not yet paid by Phuoc Son’s engineers and experts who have stayed in the hotel.

Bui Thi Lieu, a vegetable trader at Kham Duc market, said Phuoc Son owned her VND25 million worth of vegetables bought by the company.

Hoang Phung Thuy Anh, who owns Gia Huy Bread Shop, complained that Phuoc Son has failed to pay her VND40 million worth of bread.

$9 million of unpaid taxes

The district People’s Committee has received complaints from locals about Phuoc Son’s outstanding debts and has recently worked with the company’s director on the issue, but the debt situation has yet to improve, said committee chairman Pham The Quyen.

“I heard that Phuoc Son’s boss has left Vietnam for Christmas vacation. This afternoon [December 26], Phuoc Son deputy general director Pham Quang Ngu phoned, informing me of the company’s shutdown,” Quyen said.

Phuoc Son is not only failing to pay its business debts but it has also failed to pay to authorities a natural resource tax of VND190 billion (nearly $9 million), the official said.

Such failure led to the fact that the revenue of the district’s State budget this year only equals 56 percent of the target.


http://tuoitrenews.vn/society/16367/indebted-gold-mining-company-besieged-by-creditors
Ignore posts by The Whole Truth · View Post · End Ignoring
The forum fuckwit goes RRRAAARRRGGHHhhh - But not a fuck was given..................by anyone.
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Count du Monet
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An ounce in the hand and an ounce in the ground are two different things. Gold mines closing is good news for those seeking higher prices! :D
The next trick of our glorious banks will be to charge us a fee for using net bank!!!
You are no longer customer, you are property!!!

Don't be SAUCY with me Bernaisse
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Ex BP Golly
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Im under instructions to find a gold mine here.

Most seem to have priced in production costs breaking even at c.$1300 an ounce, so further falls will see them come to market cheap.

Got my eye on one that looks good. Had around $250,000,000 invested in it and now struggling with an extraordinarily low market cap.

Looking at mining generally, I expect it to move into receivership in the next few months.

Never tried gold mining before- should be fun.



WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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Pig Iron
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Bogan scum

Ex BP Golly
28 Dec 2013, 11:29 AM

Never tried gold mining before- should be fun.



you will hear 2 phrases constantly "the plant is fucked" and " ore dilution"
I am the love child of Tony Abbott and Pauline Hanson
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Catweasel
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Catweasels talk with thinking the Vietnamese sociologist,

and it refer to a Vietnamese as a hillbillies of a Asia,

which cause the surprise of a Catweasels.

But then it refer to a corporate, political and economic the structures and a depth,

as well as presence of a little ones from a foreign with its singlets, scowls, and little shorts,

like a Frankie.
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Foxy
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Zero is coming...

When my dad was on the farm at Gutha he heard the shearers talking about a gold mine that was digging up gold by the bucket load, they just needed some money to buy new buckets.

Peter
Money talks and bullshit walks.
:pop:
http://www.afr.com/content/dam/images/g/n/2/1/u/8/image.imgtype.afrArticleInline.620x0.png/1456285515560.png
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goldbug
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Catweasel
28 Dec 2013, 03:41 PM
Catweasels talk with thinking the Vietnamese sociologist,

and it refer to a Vietnamese as a hillbillies of a Asia,
Well I guess that explains why frank is in love with the place :lol

Stop building houses and house speculator say very bullish for house prices.
Stop mining gold and house speculator say very bearish for gold prices.

Which only proves one thing. House speculator actually knows squat outside of what house speculator was indocrinated with at seminars and in reading get rich quick books. Business people? I think not.
Shadow was hopelessly wrong about the Gold Bull Market.
What else is he wrong about?
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mel
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Serious question goldbug. Why did gold get arse fucked in the face of all that money printing?
APF - a place where serious people don't take themselves too seriously. There's nothing else like it.
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Logic
Unregistered

mel
28 Dec 2013, 06:31 PM
Serious question goldbug. Why did gold get arse fucked in the face of all that money printing?
Real physical demand is as high as it has even been. The value of gold today reflects what the dollar will be worth when the arse falls out of the US dollar.
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herbie
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mel
28 Dec 2013, 06:31 PM
Serious question goldbug. Why did gold get arse fucked in the face of all that money printing?
Aw Gee Mel - It got arse fucked if ya bought it at 1800 per oz. But is still lookin' Ok if ya bought it at 800? :re:
A Professional Demographer to an amateur demographer: "negative natural increase will never outweigh the positive net migration"
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