Wollongong Coal’s flexible short-term financing agreement with Jindal Steel & Power has been increased to AUS$175 million, the Australian coal company said in a statement.
The short-term drawdown facility has also been renewed until 31 March 2017. To date, Wollongong has drawn around AUS$153.25 million under the facility to meet its operational and development costs.
Jindal Steel & Power is Wollongong’s major shareholder. Wollongong owns two metallurgical coal mine in New South Wales: Russell Vale and Wongawilli – both of which are currently in care and maintenance.
Edited by Jonathan Rowland.