Glencore floats $2B refinance plan for Wiggins Island Coal Terminal

The Wiggins Island Coal Export Terminal has received a potential financial lifeline as its largest stakeholder, multinational miner Glencore, works with Morgan Stanley and ANZ Banking Group on a potential debt restructuring deal, according to the Australian Financial Review.

The proposed deal is believed to be valued at more than $2 billion and involves a senior Australian dollar loan tranche led by ANZ and an unsecured US raising, underwritten by Morgan Stanley. The two legs would together recapitalise WICET, which was funded with some $3 billion of debt in a deal arranged by ANZ in 2012.

NSW Government bowed to pressure from AGL over Gloucester

The NSW government has been accused of making “law on the run” as it bowed to pressure from AGL to remove a key planning obstacle to its coal seam gas project in Gloucester, new documents reveal, according to the Sydney Morning Herald.

The letters, released under freedom of information to anti-CSG group Groundswell Gloucester, reveal how AGL and government departments responded when shown that existing mining rules required the Waukivory Pilot Project to conduct a full environmental impact study (EIS) because two wells were within 3km of a separate project nearby.

Rio starts mining at $US1B Silvergrass project

Rio Tinto has started mining at its undeveloped $US1 billion ($1.4 billion) Silvergrass iron ore project in the Pilbara ahead of the board making an investment decision next year on whether to build a new mine at the site, according to the Australian Financial Review.

Silvergrass must be built if Rio is to hit its ultimate expansion target of 360 million tonnes a year, which it has not yet put a date on.