Griffin-hunting season

INDIAN power companies could make bids for debt-ridden Griffin Coal by the end of this month, according to various reports.
Griffin-hunting season Griffin-hunting season Griffin-hunting season Griffin-hunting season Griffin-hunting season

A Komatsu 830E trucks being loaded by Griffin Coal's PC5500 shovels.

Blair Price

India’s demand for even low-quality thermal coal is continuing to draw more on South Africa – causing a spike in domestic coal prices.

While Collie-based Griffin did not get its contract to supply Western Australian government-owned Verve Energy renewed in March, a union official told ILN last month the company had made several shipments to India.

Construction Forestry Mining and Energy Union WA’s secretary of the mining and energy division, Gary Wood, said Griffin was building confidence in the Australian market.

India’s Reliance Power, Adani Power and GMR Power are all interested in bidding for Griffin, the country’s Business Standard newspaper reported yesterday.

A banking source told Reuters the bids for Griffin are due by September 29.

The total outstanding debt of Griffin exceeds $A1.8 billion, which includes the debt associated with the Bluewaters Power Station.

Griffin went into voluntary administration in January and administrator KordaMentha aims to sell the private company by year-end.

Griffin operates the Ewington and Muja mines, 220 kilometres southeast of Perth.

The company produces more than 3 million tonnes of coal per annum, according to its website.

Wood said the workforce was around 470 last month.