<
https://www.smh.com.au/business/companies/what-went-wrong-here-big-banks-refuse-coal-king-1b-debt-refinance-20230717-p5dota.html>
"Australia’s big banks have turned their backs on the country’s largest
pure-play coal miner, refusing to refinance a billion-dollar debt in a major
rebuff that will force Whitehaven Coal to source loans offshore, sending a
worrying signal to other large coal producers and potentially speeding up the
demise of the sector.
Whitehaven revealed its funding problems in a quarterly update on Monday,
saying it has managed to source credit for mine rehabilitation, clean-up costs,
port, rail and other activities, but could not to get a $1 billion finance
facility renewed.
The debt revelation will put pressure on Whitehaven’s ability to expand its
coal mines, and surprised financial analysts who asked the company: “What went
wrong here?”
The banks’ decision not to back the company’s thermal mines – where the most
polluting form of coal is dug up to generate electricity in power stations –
means Whitehaven will need to retain large amounts of cash on its balance sheet
to operate the business while it looks for other loan sources."
Via
Future Crunch:
https://futurecrunch.com/good-news-clean-energy-aids-big-cats-africa/
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
