❓ Dr. Steve Thomas questions the Energy Minister regarding a loan from Synergy to Premier Coal, inquiring about its value, repayment status, and potential equity conversion. The Minister deflects some responsibility to the previous government but provides key figures.
AnsweredQoN 1239Legislative Council
QuestionView source ↗
SYNERGY — PREMIER COAL
1239. Hon Dr STEVE THOMAS to the parliamentary secretary
representing the Minister for Energy:
I refer to page 147 of Synergy's
annual report 2022–23, tabled in the Legislative Council on 21
September 2023, which identifies the loan granted to Premier Coal by the former
government in 2014 that converts to equity for a future government if not
repaid by June 2030.
(1) What was the original value of
the loan?
(2) What is the current outstanding
balance of the loan?
(3) What is the total of repayments
made since the inception of the loan?
(4) Given that
the loan is over halfway to maturity, will the loan be fully repaid by 2030 or
will the government become a part owner of a coal mining company?
1239. Hon Dr STEVE THOMAS to the parliamentary secretary
representing the Minister for Energy:
I refer to page 147 of Synergy's
annual report 2022–23, tabled in the Legislative Council on 21
September 2023, which identifies the loan granted to Premier Coal by the former
government in 2014 that converts to equity for a future government if not
repaid by June 2030.
(1) What was the original value of
the loan?
(2) What is the current outstanding
balance of the loan?
(3) What is the total of repayments
made since the inception of the loan?
(4) Given that
the loan is over halfway to maturity, will the loan be fully repaid by 2030 or
will the government become a part owner of a coal mining company?
AnswerView source ↗
I thank the member for some notice
of the question. The following answer has been provided to me by the Minister
for Energy.
This
contract was entered into by the former Liberal–National government.
Assuming the arrangement reflects an obligation approved by cabinet, the
member can ask the Leader of the Opposition for access to the former government's
cabinet documents for all details of this matter. However, please see the
following information.
(1) The original
value was $0.05 per gigajoule for every tonne of coal supplied by Premier Coal
Ltd between 1 July 2014 and 30 June 2021.
(2) It was $32.4 million at end of
30 June 2023.
(3) None.
(4) Under the
agreement with PCL, the loan automatically converts into a 25 per cent equity
stake in PCL at the end of the term of the loan on 30 June 2030, unless it is
repaid by PCL.
of the question. The following answer has been provided to me by the Minister
for Energy.
This
contract was entered into by the former Liberal–National government.
Assuming the arrangement reflects an obligation approved by cabinet, the
member can ask the Leader of the Opposition for access to the former government's
cabinet documents for all details of this matter. However, please see the
following information.
(1) The original
value was $0.05 per gigajoule for every tonne of coal supplied by Premier Coal
Ltd between 1 July 2014 and 30 June 2021.
(2) It was $32.4 million at end of
30 June 2023.
(3) None.
(4) Under the
agreement with PCL, the loan automatically converts into a 25 per cent equity
stake in PCL at the end of the term of the loan on 30 June 2030, unless it is
repaid by PCL.
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