The problem of cash shortfall apparently 'came to their attention' in January and no reason to think financials are compromised because of this, even those going forward...if we are going forward.
$100MMCAD (even if it is closer to CAD375MM to meet most of near term commitments) is surely peanuts for a $3.5B LOM operation. In fact i was pleasantly surprised they got that shipment off this month given that a lot of it was at Parvik just weeks ago. As I have stated before, mining and moving ore in the sub-Arctic is quite an accomplishment...they are basically on schedule so let's hope they get a remedy which involves more senior or other debt and common shareholders get to keep their bottom of the ladder interest
ps 55000 tons is only worth about $1.8MM USD after oper costs but at least it must means NET $1.8MM after paying costs and surely other ore is moving to the ship on a continuous basis..