Cockatoo Coal enters administration

Posted November 18, 2015

Baralaba Coal

(Train load-out development for the Baralaba mine expansion project)

 

Administrators have been appointed for Baralaba coal mine operator Cockatoo Coal, which was working on an expansion project to take production at that operation from 1Mtpa to 3.5Mtpa by 2017.

PPB Advisory said it was undertaking a review of Cockatoo and was working with all stakeholders to assess the current position of the company and identify opportunities to restructure the business for the future.

During this time, Cockatoo would continue to operate on a business-as-usual basis, with all staff continuing in their roles, the administrators said.

The first meeting of creditors is due to take place on November 25.

Cockatoo Coal’s report for the September quarter detailed advances in Stage 2 works for the Baralaba expansion project, with construction of the new train load-out facility and civil works nearing completion and work under way on the associated Dawson Highway re-alignment.

In October the company received a notice from ANZ Banking Group terminating its $81 million bank guarantee facility on January 15, 2016.

Further information is available to creditors and employees of Cockatoo Coal under the Creditors Information section of the PPB Advisory website at www.ppbadvisory.com

 

 

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