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Miners face increasing risk of default with volatile commodity prices

Posted on 07 August 2014

A Moody’s report reveals a rising risk of default for some smaller miners, amid volatile commodity prices. The report cites recent defaults by Mirabela Nickel and Midwest Vanadium as examples of the risk factors afflicting smaller miners.
Moody’s warns that gold miner St Barbara has the highest risk, out of the companies it rates, of defaulting on its debt, with a Caa1 negative rating. The ratings agency says the main risk factors are challenges with getting projects completed on time and on budget, the unpredictable nature of ore bodies, having one or two major customers, limited cash reserves and volatile markets………………………………………..Full Article: Source


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