Allied Nevada Files for Bankruptcy, Future Uncertain
SOURCE: [The Northern Miner] – It’s been a bleak few years for shareholders of Allied Nevada Gold (TSX: ANV; US-OTC: ANVGQ), as falling gold prices and operational difficulties combined to put the company in dire financial straits. And despite efforts to maintain solvency, the situation came to a head on March 10, when Allied Nevada filed for protection under chapter 11 of the U.S. Bankruptcy Code.
In retrospect Allied Nevada may be viewed as a cautionary tale of valuing tonnage over grade. The company was riding high back in mid-2011 when gold prices peaked at over US$1,800 per oz. and it was trading at around $45 per share. But Allied Nevada’s fortunes are tied to the Hycroft gold-silver operation 90 km due west of Winnemucca, Nevada, and the open-pit, heap-leach project has become a money pit for the company over the past three years.
The post Allied Nevada Files for Bankruptcy, Future Uncertain appeared first on Gold Editor.
Source: http://www.goldeditor.com/allied-nevada-files-for-bankruptcy-future-uncertain/
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