In an article in The Australian, Sage is reported to be close to finalising due diligence on the troubled company, in a move he described as being similar to Cape Lambert’s purchase of Queensland’s Copper Co.
Griffin Coal, owned by Ric Stowe, was placed into administration on January 4 after missing deadlines for the payment of debt instalments and tax liabilities.
The coal miner produces up to 6 million tonnes of thermal coal per annum from its WA mines, mainly for domestic power stations, primarily the Bluewater power station.
Earlier this month, Cape Lambert deferred the listing of Lady Annie spin-off Q Copper due to adverse market conditions.
Sister-publication Miningnews.net was unable to obtain further comment from Sage on the proposed Griffin deal prior to publication.