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Aboutusgeneric_2 (L-R) Isaac Libraries Tech Fest Robotics Challenege organisers Toni Markcrow, Susan Allen, Melody Cole, Katie Dowd, Isaac Regional Councillor Nick Wheeler, Dilki De Silva, Sharani Parr, Jacky Smith and Corinna Baerhold. Kerry McKenzie, Anna and Trish Ferguson (L-R) Lisa Hodge, Rosie Dickens, Gerda Dickfos, Cheryl Gothmann and Bahabie Dickens Hellen Manski and Sophie Pezzutti Bhabie and Paul Dickens with Pauls "Iron Maiden" dragline mining csg (L-R) Typhoon Le Garde, Trysett Le Garde, Hannah Smyth, Norman Heckscher, Alana Kerr, Amber Beck, Gordon Smith, Jaxi Peach, Verena Peach, Amber Smyth and Byron Abbott. mine csg Therese Foley and Joanne Truelson Aboutusgeneric_1 (L-R)Laura Mahoney, Min Lau and Jill Stephenson
Aboutusgeneric_2 (L-R) Isaac Libraries Tech Fest Robotics Challenege organisers Toni Markcrow, Susan Allen, Melody Cole, Katie Dowd, Isaac Regional Councillor Nick Wheeler, Dilki De Silva, Sharani Parr, Jacky Smith and Corinna Baerhold. Kerry McKenzie, Anna and Trish Ferguson (L-R) Lisa Hodge, Rosie Dickens, Gerda Dickfos, Cheryl Gothmann and Bahabie Dickens Hellen Manski and Sophie Pezzutti Bhabie and Paul Dickens with Pauls "Iron Maiden" dragline mining csg (L-R) Typhoon Le Garde, Trysett Le Garde, Hannah Smyth, Norman Heckscher, Alana Kerr, Amber Beck, Gordon Smith, Jaxi Peach, Verena Peach, Amber Smyth and Byron Abbott. mine csg Therese Foley and Joanne Truelson

Baralaba miners face month of uncertaint
BAD news confirmed for struggling CQ miner.
Wednesday 14 October 2015  

THE community of Baralaba and the hundreds of workers employed by Cockatoo Coal in the area will have to wait another month to find out what the future holds.

As foreshadowed by Shift Miner a week ago, Cockatoo Coal has now confirmed that an AU$81 million bank loan with the ANZ has been terminated, leaving Cockatoo with just a month to make arrangements for repaying any outstanding amounts and just four months before the loan is officially terminated next year.

In a written statement, Cockatoo said it was looking at its options.

“Cockatoo has received a notice from ANZ, pursuant to which the LC facility will be terminated on the 15th January 2016,” they said.

“The option remains for the company to put to ANZ an alternative restructuring proposal.

“The company is exploring options for the refinancing of the amounts outstanding under the LC facility and will further update the market with any material developments.”

The announcement caps off a very difficult year for Cockatoo Coal who has struggled to stay viable in the face of plummeting coal prices.

In February, they were forced to massively dilute the value of shares in the company by issuing $125 million worth of new stock at just $0.02 a share, which was 86 per cent less than they were worth before they went into a trading halt in late 2014.

They have also scaled back development plans at their Baralaba expansion project, which involved large redundancies, pausing the CHHP construction and delaying the planned ramp-up to full exports of 3.5 Mt a year until 2018.

However, despite all those efforts, both their share and coal prices have continued to deteriorate, forcing the company to recently slash 86 per cent of its head office staff in Brisbane and nearly a quarter of those in Baralaba.

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