Griffin Coal sells assets

The sale of Griffin Coal’s mining assets has been welcomed by the Collie Chamber of Commerce, after they went into administration with debts of up to $1 billion in January.

The sale of Griffin Coal’s mining assets has been welcomed by the Collie Chamber of Commerce, after they went into administration with debts of up to $1 billion in January.

The administrators for the collapsed miner announced yesterday that Lanco Infratec has agreed to buy Griffin Coal’s operations.

The rescue from the Indian infrastructure company has been hailed as the best Christmas present the town could hope for by the Chamber of Commerce.

 "It takes away a lot of the uncertainty that has surrounded the administration. Now there is a certainty of continuity of the operation," said Chamber chief executive Richard Jackson.

"Any additional investment that comes into the community that helps to secure jobs and offer a future to our young people has to be good news."

The take over has also been welcomed from Griffin Coal administrator Brian McMaster, who said Lanco Infratec’s expansions would provide more job opportunities.

"They have power generation assets of their own in India, they have an export need for the coal and as a consequence they’re going to look to quickly and rapidly develop an export strategy which will include growing the infrastructure both at the mine and at the port and ultimately will lead to more jobs," he said.
 

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