Miners given redundancy notices at Dartbrook underground coalmine near Aberdeen
The miners, some of whom have worked at the mine for 14 months, said they were owed up to $20,000 and would be forced to seek new employment as they await their entitlements.
In early July, the mine was placed in the hands of receivers and managers Ben Campbell and David McGrath of FTI Consulting.
A spokesperson for FTI Consulting said "A number of redundancies have been made to match the operational requirements of the Dartbrook Coal Mine. While this wasn't an easy decision, it was necessary to ensure that operations at Dartbrook continue and are placed onto a sustainable financial footing."
It is believed that between 40 and 50 miners were working the pit, some with contractors and others employed full-time with Dartbrook.
Meetings between the mine's managers and staff took place last week, with the miners saying the redundancy notices were not unexpected.
One of the Hunter-based contractors still working at the mine is Jim Eastley, CE Mining, Jerrys Plains. His company is operating the coal washery and handling plant, with coal still being extracted and processed.
He said he was owed $560,000 but since July 3 his work payments at the mine have been guaranteed by the administrators.
"I haven't heard lately what's happening but at least we are working are our payments are guaranteed. Hopefully we will recovery our outstanding debt," he said.
Currently owned by Australian Pacific Coal (AQC), the mine was put into care and maintenance by its previous owner, Anglo American, in 2006 after multiple workplace accidents and low coal prices.
In 2015, coal entrepreneur Nathan Tinkler spearheaded AQC's successful asset purchase, with the new owners beginning the long process of bringing the mine back into production, including gaining planning approval.
Despite community opposition, the Independent Planning Commission approved an amended application to reopen the mine in 2019.
The mine underwent a restart capital program and resumed underground mining operations in 2024.
However, in June this year, it was reported the company had been issued with a notice of default by senior lender Vitol, a Singapore-based commodities giant.
It is understood AQC failed to meet its obligations for the $174 million loan from Vitol and this has led to the appointment of receivers and administrators.
When he was appointed Ben Campbell, Receiver and Manager, said, "The Dartbrook Coal Mine produces high-quality thermal coal for both domestic and export markets."
As to who would buy the mine? The thermal coal price is at a four-year low, open-cut mining is prohibited at the site, and one of the world's leading underground miners, Anglo American, could not successfully operate the venture
A number of miners at the Dartbrook underground coal mine in the Upper Hunter awoke today to an email from the mine's administrators saying they were being made redundant.
The miners, some of whom have worked at the mine for 14 months, said they were owed up to $20,000 and would be forced to seek new employment as they await their entitlements.
In early July, the mine was placed in the hands of receivers and managers Ben Campbell and David McGrath of FTI Consulting.
A spokesperson for FTI Consulting said "A number of redundancies have been made to match the operational requirements of the Dartbrook Coal Mine. While this wasn't an easy decision, it was necessary to ensure that operations at Dartbrook continue and are placed onto a sustainable financial footing."
It is believed that between 40 and 50 miners were working the pit, some with contractors and others employed full-time with Dartbrook.
Meetings between the mine's managers and staff took place last week, with the miners saying the redundancy notices were not unexpected.
One of the Hunter-based contractors still working at the mine is Jim Eastley, CE Mining, Jerrys Plains. His company is operating the coal washery and handling plant, with coal still being extracted and processed.
He said he was owed $560,000 but since July 3 his work payments at the mine have been guaranteed by the administrators.
"I haven't heard lately what's happening but at least we are working are our payments are guaranteed. Hopefully we will recovery our outstanding debt," he said.
Currently owned by Australian Pacific Coal (AQC), the mine was put into care and maintenance by its previous owner, Anglo American, in 2006 after multiple workplace accidents and low coal prices.
In 2015, coal entrepreneur Nathan Tinkler spearheaded AQC's successful asset purchase, with the new owners beginning the long process of bringing the mine back into production, including gaining planning approval.
Despite community opposition, the Independent Planning Commission approved an amended application to reopen the mine in 2019.
The mine underwent a restart capital program and resumed underground mining operations in 2024.
However, in June this year, it was reported the company had been issued with a notice of default by senior lender Vitol, a Singapore-based commodities giant.
It is understood AQC failed to meet its obligations for the $174 million loan from Vitol and this has led to the appointment of receivers and administrators.
When he was appointed Ben Campbell, Receiver and Manager, said, "The Dartbrook Coal Mine produces high-quality thermal coal for both domestic and export markets."
As to who would buy the mine? The thermal coal price is at a four-year low, open-cut mining is prohibited at the site, and one of the world's leading underground miners, Anglo American, could not successfully operate the venture
A number of miners at the Dartbrook underground coal mine in the Upper Hunter awoke today to an email from the mine's administrators saying they were being made redundant.
The miners, some of whom have worked at the mine for 14 months, said they were owed up to $20,000 and would be forced to seek new employment as they await their entitlements.
In early July, the mine was placed in the hands of receivers and managers Ben Campbell and David McGrath of FTI Consulting.
A spokesperson for FTI Consulting said "A number of redundancies have been made to match the operational requirements of the Dartbrook Coal Mine. While this wasn't an easy decision, it was necessary to ensure that operations at Dartbrook continue and are placed onto a sustainable financial footing."
It is believed that between 40 and 50 miners were working the pit, some with contractors and others employed full-time with Dartbrook.
Meetings between the mine's managers and staff took place last week, with the miners saying the redundancy notices were not unexpected.
One of the Hunter-based contractors still working at the mine is Jim Eastley, CE Mining, Jerrys Plains. His company is operating the coal washery and handling plant, with coal still being extracted and processed.
He said he was owed $560,000 but since July 3 his work payments at the mine have been guaranteed by the administrators.
"I haven't heard lately what's happening but at least we are working are our payments are guaranteed. Hopefully we will recovery our outstanding debt," he said.
Currently owned by Australian Pacific Coal (AQC), the mine was put into care and maintenance by its previous owner, Anglo American, in 2006 after multiple workplace accidents and low coal prices.
In 2015, coal entrepreneur Nathan Tinkler spearheaded AQC's successful asset purchase, with the new owners beginning the long process of bringing the mine back into production, including gaining planning approval.
Despite community opposition, the Independent Planning Commission approved an amended application to reopen the mine in 2019.
The mine underwent a restart capital program and resumed underground mining operations in 2024.
However, in June this year, it was reported the company had been issued with a notice of default by senior lender Vitol, a Singapore-based commodities giant.
It is understood AQC failed to meet its obligations for the $174 million loan from Vitol and this has led to the appointment of receivers and administrators.
When he was appointed Ben Campbell, Receiver and Manager, said, "The Dartbrook Coal Mine produces high-quality thermal coal for both domestic and export markets."
As to who would buy the mine? The thermal coal price is at a four-year low, open-cut mining is prohibited at the site, and one of the world's leading underground miners, Anglo American, could not successfully operate the venture
A number of miners at the Dartbrook underground coal mine in the Upper Hunter awoke today to an email from the mine's administrators saying they were being made redundant.
The miners, some of whom have worked at the mine for 14 months, said they were owed up to $20,000 and would be forced to seek new employment as they await their entitlements.
In early July, the mine was placed in the hands of receivers and managers Ben Campbell and David McGrath of FTI Consulting.
A spokesperson for FTI Consulting said "A number of redundancies have been made to match the operational requirements of the Dartbrook Coal Mine. While this wasn't an easy decision, it was necessary to ensure that operations at Dartbrook continue and are placed onto a sustainable financial footing."
It is believed that between 40 and 50 miners were working the pit, some with contractors and others employed full-time with Dartbrook.
Meetings between the mine's managers and staff took place last week, with the miners saying the redundancy notices were not unexpected.
One of the Hunter-based contractors still working at the mine is Jim Eastley, CE Mining, Jerrys Plains. His company is operating the coal washery and handling plant, with coal still being extracted and processed.
He said he was owed $560,000 but since July 3 his work payments at the mine have been guaranteed by the administrators.
"I haven't heard lately what's happening but at least we are working are our payments are guaranteed. Hopefully we will recovery our outstanding debt," he said.
Currently owned by Australian Pacific Coal (AQC), the mine was put into care and maintenance by its previous owner, Anglo American, in 2006 after multiple workplace accidents and low coal prices.
In 2015, coal entrepreneur Nathan Tinkler spearheaded AQC's successful asset purchase, with the new owners beginning the long process of bringing the mine back into production, including gaining planning approval.
Despite community opposition, the Independent Planning Commission approved an amended application to reopen the mine in 2019.
The mine underwent a restart capital program and resumed underground mining operations in 2024.
However, in June this year, it was reported the company had been issued with a notice of default by senior lender Vitol, a Singapore-based commodities giant.
It is understood AQC failed to meet its obligations for the $174 million loan from Vitol and this has led to the appointment of receivers and administrators.
When he was appointed Ben Campbell, Receiver and Manager, said, "The Dartbrook Coal Mine produces high-quality thermal coal for both domestic and export markets."
As to who would buy the mine? The thermal coal price is at a four-year low, open-cut mining is prohibited at the site, and one of the world's leading underground miners, Anglo American, could not successfully operate the venture
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"Can they make life in Kalgoorlie tax-free for a period or no stamp duty on houses or something like that? "It is sad to walk down the main street and see so many of the shops boarded up." Mr Leahy also called for a more generous regional zone tax offset to incentivise people to live there permanently. Kalgoorlie residents can currently claim $57 off their tax through the scheme. Mr Michael said Kalgoorlie residents could already access generous stamp duty concessions, which the government expanded in the recent budget, and complemented other incentives like low-deposit loans for modular homes. As mining executive Ron Heeks spruiks a major project to investors, he makes a pointed effort to highlight an attribute unrelated to the massive returns it will bring. "Importantly, it's not a FIFO (fly-in, fly-out) operation," he tells the mining industry's annual Diggers and Dealers gabfest in Kalgoorlie. Mr Heeks, who spent 16 years working and living in the WA Goldfields hub, has been disheartened watching it be "destroyed by FIFO". He doesn't want to see the NSW Northern Tablelands town of Armidale - 23km west of Hillgrove - suffer the same fate. Larvotto Resources has fired the starter's gun on the development of a $140 million antimony mine at Hillgrove, with production to begin next year. "You drive through Kalgoorlie now and, you know, the bottom half of Hannan Street, every second shop - or nearly all of them - are shut. It's very, very sad," the Larvotto managing director tells AAP. "I think the industry as a whole does not do a particularly good job of putting back." Despite the huge boon miners have pocketed in recent years, with soaring gold prices delivering billions in windfall revenues, the permanent residents of Kalgoorlie feel little benefit has flowed their way. The town's resident population has declined by about a tenth over the past decade to just under 30,000, but housing is scarce, with much of it taken up to accommodate FIFO workers. A recent application by goldminer Northern Star, which owns the mammoth open-cut mine that looms over the town, to build an 800-bed workers camp for staff working on a mill upgrade was met with concerted local opposition. The project was approved by council in a three-two vote, despite 144 out of 148 submissions by members of the public opposed to the application. The vast majority were concerned FIFO accommodation resulted in a lack of connection and contribution to the local community. The workers would not support local businesses, they feared. "Get people to come and live here instead of FIFO. Get the population up, instead of down, otherwise Kalgoorlie will be a ghost town. Is that what we really want?" one submission asked. The assessing officer noted Northern Star had proposed operating a daily shuttle bus transporting workers to and from the local shops to improve social and economic connections to the town. "Our priority is always around residential workforce," Northern Star chief executive Stuart Tonkin told reporters during a visit to the Kalgoorlie Super Pit site. But the reality was the resident workforce could not support construction and other short-term jobs on its own, he said. "We are filling up local facilities and hotels and utilising local places, as well as those temporary camps." Local businessman Murray Leahy fought tooth and nail to avoid using FIFO workers for his Kalgoorlie-based mining services company MLG OZ. But as the business took off, he hit a crossroads: bring in employees from out of town or stop growing. "We started putting people in houses, and we established a structure whereby we'd fly you in and out for six months and if you wanted to transition your family in, we would pay for you and your family to move to Kalgoorlie," he said. "We would provide a house for you free of charge for six months and after that you could salary sacrifice it, so we were transitioning people from being flyers into being residents. "Then we ran out of houses to do that with and the market became so strained that we had to stop that program." Mr Leahy said ideally all the company's 450-odd workforce would be full-time residents, but he was still relying on 200 or so FIFO workers. There was a desire among workers to join the community. About 14 of MLG's FIFO employees were looking to move their families to live in Kalgoorlie residentially but simply could not find a house, he said. "Fundamentally, the issue that the Goldfields community has stems purely from the fact that we have had very poor state and local government planning over a long period of time," Mr Leahy said. The state has been "immensely slow" in releasing land to alleviate the situation, while provision of water and power to enable development has also been lagging. The current council was working hard to try and rectify the issues, "but they are dealing with a 15-year legacy here of poor planning and poor management". "To effectively make the change that's needed, it's 100 per cent reliant upon our state releasing land and key services to be able to drive development." The government was investing significantly in the Goldfields region, said WA Mining Minister David Michael. The WA budget included $16.8 million in funding to boost development-ready land in Kalgoorlie. Planning was also underway to redevelop Kalgoorlie Health Campus, the state developer was selling houses at its Karlkurla estate project for as low as $205,000 and a new $150 million vanadium flow battery was being installed to secure Kalgoorlie's energy supply, "Government agencies are also working together, and with industry, to ensure there is sufficient land for housing across our state," Mr Michael said. "Land and housing development in the regions is constrained by contractor availability, infrastructure capacity and upgrade timing constraints, native title and higher development costs." Ballard Mining chairman Simon Lill said he would like to see the government provide more tax incentives for living in Kalgoorlie long term. "I would love to, and I think Northern Star would love to, see more people in Kalgoorlie. And Lynus would love to see more people in Kalgoorlie. But in the current FIFO world, I'm not sure I can see that happening," he said. "Can they make life in Kalgoorlie tax-free for a period or no stamp duty on houses or something like that? "It is sad to walk down the main street and see so many of the shops boarded up." Mr Leahy also called for a more generous regional zone tax offset to incentivise people to live there permanently. Kalgoorlie residents can currently claim $57 off their tax through the scheme. Mr Michael said Kalgoorlie residents could already access generous stamp duty concessions, which the government expanded in the recent budget, and complemented other incentives like low-deposit loans for modular homes. As mining executive Ron Heeks spruiks a major project to investors, he makes a pointed effort to highlight an attribute unrelated to the massive returns it will bring. "Importantly, it's not a FIFO (fly-in, fly-out) operation," he tells the mining industry's annual Diggers and Dealers gabfest in Kalgoorlie. Mr Heeks, who spent 16 years working and living in the WA Goldfields hub, has been disheartened watching it be "destroyed by FIFO". He doesn't want to see the NSW Northern Tablelands town of Armidale - 23km west of Hillgrove - suffer the same fate. Larvotto Resources has fired the starter's gun on the development of a $140 million antimony mine at Hillgrove, with production to begin next year. "You drive through Kalgoorlie now and, you know, the bottom half of Hannan Street, every second shop - or nearly all of them - are shut. It's very, very sad," the Larvotto managing director tells AAP. "I think the industry as a whole does not do a particularly good job of putting back." Despite the huge boon miners have pocketed in recent years, with soaring gold prices delivering billions in windfall revenues, the permanent residents of Kalgoorlie feel little benefit has flowed their way. The town's resident population has declined by about a tenth over the past decade to just under 30,000, but housing is scarce, with much of it taken up to accommodate FIFO workers. A recent application by goldminer Northern Star, which owns the mammoth open-cut mine that looms over the town, to build an 800-bed workers camp for staff working on a mill upgrade was met with concerted local opposition. The project was approved by council in a three-two vote, despite 144 out of 148 submissions by members of the public opposed to the application. The vast majority were concerned FIFO accommodation resulted in a lack of connection and contribution to the local community. The workers would not support local businesses, they feared. "Get people to come and live here instead of FIFO. Get the population up, instead of down, otherwise Kalgoorlie will be a ghost town. Is that what we really want?" one submission asked. The assessing officer noted Northern Star had proposed operating a daily shuttle bus transporting workers to and from the local shops to improve social and economic connections to the town. "Our priority is always around residential workforce," Northern Star chief executive Stuart Tonkin told reporters during a visit to the Kalgoorlie Super Pit site. But the reality was the resident workforce could not support construction and other short-term jobs on its own, he said. "We are filling up local facilities and hotels and utilising local places, as well as those temporary camps." Local businessman Murray Leahy fought tooth and nail to avoid using FIFO workers for his Kalgoorlie-based mining services company MLG OZ. But as the business took off, he hit a crossroads: bring in employees from out of town or stop growing. "We started putting people in houses, and we established a structure whereby we'd fly you in and out for six months and if you wanted to transition your family in, we would pay for you and your family to move to Kalgoorlie," he said. "We would provide a house for you free of charge for six months and after that you could salary sacrifice it, so we were transitioning people from being flyers into being residents. "Then we ran out of houses to do that with and the market became so strained that we had to stop that program." Mr Leahy said ideally all the company's 450-odd workforce would be full-time residents, but he was still relying on 200 or so FIFO workers. There was a desire among workers to join the community. About 14 of MLG's FIFO employees were looking to move their families to live in Kalgoorlie residentially but simply could not find a house, he said. "Fundamentally, the issue that the Goldfields community has stems purely from the fact that we have had very poor state and local government planning over a long period of time," Mr Leahy said. The state has been "immensely slow" in releasing land to alleviate the situation, while provision of water and power to enable development has also been lagging. The current council was working hard to try and rectify the issues, "but they are dealing with a 15-year legacy here of poor planning and poor management". "To effectively make the change that's needed, it's 100 per cent reliant upon our state releasing land and key services to be able to drive development." The government was investing significantly in the Goldfields region, said WA Mining Minister David Michael. The WA budget included $16.8 million in funding to boost development-ready land in Kalgoorlie. Planning was also underway to redevelop Kalgoorlie Health Campus, the state developer was selling houses at its Karlkurla estate project for as low as $205,000 and a new $150 million vanadium flow battery was being installed to secure Kalgoorlie's energy supply, "Government agencies are also working together, and with industry, to ensure there is sufficient land for housing across our state," Mr Michael said. "Land and housing development in the regions is constrained by contractor availability, infrastructure capacity and upgrade timing constraints, native title and higher development costs." Ballard Mining chairman Simon Lill said he would like to see the government provide more tax incentives for living in Kalgoorlie long term. "I would love to, and I think Northern Star would love to, see more people in Kalgoorlie. And Lynus would love to see more people in Kalgoorlie. But in the current FIFO world, I'm not sure I can see that happening," he said. "Can they make life in Kalgoorlie tax-free for a period or no stamp duty on houses or something like that? "It is sad to walk down the main street and see so many of the shops boarded up." Mr Leahy also called for a more generous regional zone tax offset to incentivise people to live there permanently. Kalgoorlie residents can currently claim $57 off their tax through the scheme. Mr Michael said Kalgoorlie residents could already access generous stamp duty concessions, which the government expanded in the recent budget, and complemented other incentives like low-deposit loans for modular homes.
AU Financial Review
18 hours ago
- AU Financial Review
This markets veteran worries AI is pushing us to breaking point
Matt King has had a long and distinguished career at Citi trying to make sense of global credit markets for the bank's clients. He was among the highest profile analysts in an asset class that only tends to grab the headlines when markets are melting down. The London-based King has since left the bank and set up his own research firm: Satori Insights. He remains a keen observer of markets, and the hidden forces that power them. But in the last month, he has turned his mind to something a little different, preparing a detailed presentation for his new clients that questioned a trait that equity investors lust over: scalability.
