Lanco’s Griffin Coal at risk of liquidation in WA

Indian-owned miner Griffin Coal, operator of major Western Australian coal mines, is at imminent risk of being wound up due to insolvency concerns after failing to pay a $13.9 million tax debt, according to the Australian Financial Review.

The potential hit to Griffin’s owner, Indian energy giant Lanco Infratech, comes less than three years after it bought the coal assets, located southeast of Perth near Collie, for $750 million from the remnants of the empire formerly controlled by reclusive tycoon Ric Stowe.

Court documents show that the Australian Taxation Office sent the Griffin owners a letter in March requesting an outstanding $13.9 million tax debt be paid.

“I believe that there is no genuine dispute about the existence or amount of the debt,” a tax office representative wrote.

Chinese target mining bargains as stocks dive

China’s state-owned enterprises and private companies are preparing to exploit distressed equity and asset values in the mining sector by ramping up acquisitions ahead of a forecast return to stronger commodities demand, according to The Australian.

Fund managers, bankers and transactional lawyers are indicating that activity is starting to pick up again – exploiting an opportunity as valuations in Australia's mining sector are crushed in the stock market.

Mt Gordon copper mine for sale

Australia-listed Aditya Birla Minerals is seeking a buyer for its Queensland copper mine, which could fetch about $250 million, according to a flyer obtained by The Wall Street Journal.

First-round bids are due later this month for the Mount Gordon copper project, where operations were suspended in April due to the industrial metal's softening price.