February 18, 2014 Read More →

Griffin loss provokes Collie mine doubts

By Daniel Mercer, The Weekend West Australian –  “Fears are mounting about the plight of a Collie mine that supplies coal to one of the State’s biggest electricity generators after it posted one of its biggest losses.

griffinGriffin Coal, the Indian -owned mine bought from the wreckage of former tycoon Ric Stowe’s failed business empire in 2010, posted losses of $20 million in the three months to December 31. The result is even worse than the $18 million and $17 million losses Griffin recorded in the previous two quarters….

Conservation Council of WA spokesman Cameron Poustie said it was disingenuous for Lanco to suggest it could afford to expand Griffin and it should stop giving people in Collie false hope. ‘The proposed new coal export berth at Bunbury Port was already a major environmental concern and the opposition in Bunbury has been growing,’ Mr. Poustie said.

‘But now even supporters of the idea should understand this export proposal appears unlikely.’ Tim Buckley, from the Australasia Institute [for Energy Economics and Financial Analysis], said Griffin’s production was slipping despite its aim of increasing output to 5mtpa this financial year and 18mtpa by 2018. ”

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