Bandanna previously requested a trading halt in light of a report that it had solvency concerns for its Wiggins Island coal export terminal in Queensland, published by the Australian Financial Review last week.

Bandanna said the article featured “unsourced comment regarding the affairs of the company”

Its statement read: “The company continues to be in a strong capital position with current cash at bank of $82.7 million, $22.6 million of which is currently securing bank guarantees”.

Bandanna addressed accusations that it was unable to meet its committed export obligations by stating it was already seeking to resolve all objections made by land owners in coming weeks as well as working alongside WICET to tackle the associated risks of delayed commencement and ramp-out of total coal flows and revenues from coal handling contracts.

It did concede that “the timing of commencement of construction and first production from the Springsure Creek Project remains uncertain”

The company said it was dependent upon the timing of the finalisation of project approvals and funding.