Business

Hundreds of CQ mining jobs in limbo

Now in care and maintenance with administrators PPB Advisory, creditors have met to discuss what's next for the miner's assets.
Now in care and maintenance with administrators PPB Advisory, creditors have met to discuss what's next for the miner's assets. Jessica Dorey

A MINING company recently placed in receivership, leaving hundreds of jobs in limbo, could deliver another blow to an already struggling industry.

Creditors for Caledon Pty Ltd met yesterday for the first time since the company was placed in receivership on May 12. Caledon, the company behind underground Blackwater mine Cook Colliery, was also a part-owner of Wiggins Island Coal Export Terminal.

Now in care and maintenance with administrators PPB Advisory, creditors have met to discuss what's next for the miner's assets.

It's the latest trouble to hit WICET after it lost two of its original owners, Bandanna Energy and Cockatoo Coal in 2015 due to bankruptcy.

Meanwhile, concern is rife over WICET's rumoured inability to repay 19 of its lenders an estimated $3.9billion. It's believed Fort Street Advisers are working for WICET, and advisory firm McGrath Nicol has been engaged by the lenders.

PPB Advisory's Grant Sparks, Stephen Longley and Martin Ford have been appointed administrators of Caledon Coal Pty Ltd and four related companies:

CC Pty Ltd, Blackwater Coal Pty Ltd, Bowen Basin Pastoral Company Pty Ltd and Guangdong Rising (Australia) Pty Ltd.

"Following our appointment as administrators of Caledon, our primary focus is to work with all stake- holders to assess the business and explore all options to restructure the business for the future,” Mr Sparks said.

Earlier this year about 100 workers were stood down without pay from Caledon's Cook Colliery mine after flooding damaged part of the underground mine.

The flooding damaged the longwall, which Caledon said was responsible for 85% of its coal production. At the time, CFMEU Mining and Energy Division Queensland District vice-president Glenn Power asked the company to cease its "path of destruction”. "Local workers and their families deserve good, steady jobs and it's time mining giants are held to account in this distorted industrial relations system,” Mr Power said.

WICET, which is also owned by Glencore, Wesfarmers Resources, Yancoal Australia, Aquila Resources and Northern Energy Corporation, was the first coal export project in Queensland to be privately owned and funded.


Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Fun day's a chance for runway revelling

RUNWAY EVENT: Mayor Andrew Willcox on the Whitsunday Coast Airport runway last week.

EVER wanted to sit in the cockpit of a Russian World War Two plane?

Taking on a clipper

Nigel 'Jack' Pemberton.

Nigel Pemberton is preparing for a bucket list feat.

Apprentice through the looking glass to awards

TALENT: Thomas McGrath is in the running to be Australian Apprentice of the Year.

Thomas McGrath-Ashton has beaten more than 83 apprentices.

Local Partners

Princess Diana: How an Aussie's story made her cry

The Country Fire Service volunteer had been caught in the raging inferno that killed 75 people and became known as the Ash Wednesday bushfires.

Jonathan LaPaglia takes you inside Australian Survivor s2

Jonathan LaPaglia in a scene from season two of Australian Survivor.

Strategy plays key role as castaways seek to make savvy moves.

Bachelor Recap: Matty’s stunning public rejection

Chic.

Last night we saw humiliation at its best

NZ anchor drops F-bomb live on air

Veteran news anchor Eric Young has been caught uttering an expletive.

Veteran NZ newsreader swears on live television

The Block's family home rescue mission

Scott Cam hosts the TV series The Block.

Reno show's new concept proves its biggest challenge to date.

Angelina Jolie 4.0: Is anyone buying this?

Angelina Jolie, master media manipulator, is back.

Love The Bachelor and a feminist? Sorry, you can't be both

These 22 women trying to win Matty's heart... but at what cost? (Pic: Channel 10)

Tans will be sprayed. Roses will be distributed. Tears will be shed.

Hearty food for cold nights

Boneless lamb shoulder roast with crushed kipflers.

RECIPES: Two tasty lamb dishes to try this winter

How one man made more than $20m in a land deal

Varsity Lakes

Sale, with GST added, shows as a $26.4 million transaction

Open for inspection homes 27 July - 2 August

Check out this weekend's homes open for inspection.

Beers, spirits and 131 years of history up for grabs

The 131-year-old General Gordon Hotel is on the market with all of its quirks included.

Pub with good beer and "lovely food” for sale 20 minutes from town

Ready to SELL your property?

Post Your Ad Here!