❓ Opposition questions government about financial support for Griffin Coal, seeking clarity on the extent, duration, and future management of the insolvent company. Government acknowledges support for stability and ongoing commercial discussions, citing commercial sensitivity.
AnsweredQoN 802Legislative Council
Asked
10 August 2023
Member
Portfolio
State and Industry Development, Jobs and Trade
QuestionView source ↗
GRIFFIN
COAL — LIQUIDATOR
802. Hon Dr STEVE THOMAS to the minister representing the
Minister for State and Industry Development, Jobs and Trade:
I refer to my questions without
notice 584, 665 and 686 of June 2023, the answers to which revealed the
staggering 20 per cent blowout in liquidator grants, in addition to the
unprecedented $19.5 million grant to the receivers and managers of the insolvent
Griffin Coal.
(1) What is the maximum amount the
government is prepared to put into Griffin Coal to keep it alive?
(2) What is the maximum length of
time these payments can or will be made?
(3) When will the handouts to
Griffin end?
(4) Given that
the government has repeatedly said that a new entity will manage the Griffin
Coal assets, at what stage is the negotiation for a new entity and when will we
get some public clarity on it?
COAL — LIQUIDATOR
802. Hon Dr STEVE THOMAS to the minister representing the
Minister for State and Industry Development, Jobs and Trade:
I refer to my questions without
notice 584, 665 and 686 of June 2023, the answers to which revealed the
staggering 20 per cent blowout in liquidator grants, in addition to the
unprecedented $19.5 million grant to the receivers and managers of the insolvent
Griffin Coal.
(1) What is the maximum amount the
government is prepared to put into Griffin Coal to keep it alive?
(2) What is the maximum length of
time these payments can or will be made?
(3) When will the handouts to
Griffin end?
(4) Given that
the government has repeatedly said that a new entity will manage the Griffin
Coal assets, at what stage is the negotiation for a new entity and when will we
get some public clarity on it?
AnswerView source ↗
I thank the Leader of the
Opposition for some notice of the question.
(1)–(4) The
state government has provided support to stabilise Griffin Coal operations to
ensure energy system security for Western Australia and certainty for the
Collie workforce and community. Government is committed
to transparency and will continue to provide further updates as necessary,
noting that this matter is commercially sensitive and there are
limitations on what can be shared. Government remains of the firm belief that Griffin Coal's financial
difficulties should be resolved through a commercial agreement with its
customers based on paying a price for coal that supports the stable operation
of the mine. Treasury has appointed Ad Astra Corporate Advisory to assist the
government with the discussions with commercial parties with a view to
facilitating this outcome. Those discussions remain ongoing.
Opposition for some notice of the question.
(1)–(4) The
state government has provided support to stabilise Griffin Coal operations to
ensure energy system security for Western Australia and certainty for the
Collie workforce and community. Government is committed
to transparency and will continue to provide further updates as necessary,
noting that this matter is commercially sensitive and there are
limitations on what can be shared. Government remains of the firm belief that Griffin Coal's financial
difficulties should be resolved through a commercial agreement with its
customers based on paying a price for coal that supports the stable operation
of the mine. Treasury has appointed Ad Astra Corporate Advisory to assist the
government with the discussions with commercial parties with a view to
facilitating this outcome. Those discussions remain ongoing.
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