Malaysian firm takes control of Australian tin mine
According to reports in the Australian press, tin producer,
Malaysia Smelting Corp (MSC), has taken over management of Australian firm Marlborough Resources and its troubled Ardlethan tin mine in New South
Wales state.
Now with a 30% stake, MSC has become Marlborough's largest shareholder.
According to company reports, after finishing last quarter with only A$280'000 ($200'676) in cash, despite a strong global tin market, Marlborough has informed the Australian Stock Exchange that its board of directors has ordered a "critical review" of the Ardlethan mine, which will be completed by the end of August.