Griffin Coal

Griffin Coal Mine is a large mine near the town of Collie in Western Australia, producing about 5 mn tons of coal annually.

In January 2011, the firm defaulted on debts of A$475 mn, and sought outside buyers.[1] Two months later, it was acquired by the Indian firm Lanco Infratech for A$730 mn. The logic of the purchase has been questioned in the business media, as the company has faced difficulties and has been forced to defer pension and other payments to suppliers.[2]

The mine was in operation in the 1930s and was a supplier of coal to the Western Australian Government Railways, in competition with Newcastle Coal.[3]

Concerns have been raised about its long term future.[4]

ReferencesEdit

  1. ^ Sobia Khan (5 March 2011). "Lanco acquires Griffin coal for A$730 mn". The Economic Times.
  2. ^ Rajesh Kumar Singh & David Stringer (4 July 2013). "Lanco Rebuffs Griffin Liquidation Concern With Vow to Keep Unit". Bloomberg News. “No winding-up order has been issued” against Griffin Coal Mining, A. Narasimhan, a spokesman for Lanco, said in an e-mail. “We are confident that there is no basis for winding up and that the matter with the Australian Taxation Office will be resolved as soon as possible.”
  3. ^ "GRIFFIN COAL MINE". The West Australian (Perth, WA : 1879 - 1954). Perth, WA: National Library of Australia. 19 August 1932. p. 18. Retrieved 3 February 2016.
  4. ^ "Collie and coal go hand in hand, but locals fear that could change". www.abc.net.au. 25 March 2019. Retrieved 5 November 2020.

Coordinates: 33°25′29.5″S 116°18′41.6″E / 33.424861°S 116.311556°E / -33.424861; 116.311556

External linksEdit