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Nyrstar Plunges as Analyst Warns Shares Will Get Wiped Out

  • Shares and bonds of the European zinc smelter fall to new lows
  • ABN Amro says company is on inevitable path to restructuring
Updated on

“Abandon ship!” That’s the advice that ABN Amro Group NV is giving any remaining Nyrstar NV investors.

Nyrstar, Europe’s biggest zinc smelting company, is on an inevitable path toward a debt restructuring, said ABN’s Philip Ngotho, whose bearish calls have proven profitable this year. He predicted that the shares will be practically worthless, a major hit for Trafigura Group Ltd., its biggest shareholder.