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The Advertiser
3 days ago
- Business
- The Advertiser
Miners given redundancy notices at Dartbrook underground coalmine near Aberdeen
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 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
Khaleej Times
4 days ago
- Business
- Khaleej Times
Etihad Rail to slash travel time by nearly half: What UAE will be like once trains start
When Etihad Rail passenger train services are rolled out, it has the potential to reduce commute times and give greater connectivity to smaller towns, according to urban planners. The network could even prove a new regional urban system. ' Etihad Rail will redefine mobility across the UAE by enabling reliable, high-speed intercity travel at speeds of up to 200 kmph, reducing commute times by as much as 40 per cent,' said Sercan Alturk, Managing Director at FTI Consulting. 'It's widespread availability will improve social connectivity, foster stronger community ties, and facilitate seamless travel between cities for both work and leisure.' Urban planning expert Shweta Gandhi added that the rail could serve as the 'backbone' of a new regional system. 'Imagine a UAE where you can live in Ajman, work in Abu Dhabi, and spend your weekends in Fujairah, all without relying on a private car,' she said. 'That level of seamless, cross-emirate connectivity could redefine how we think about home, work, and access.' Stay up to date with the latest news. Follow KT on WhatsApp Channels. Last week, Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum shared on social media how he rode the passenger train from Dubai to Fujairah and said that he was 'proud' of the country for the project. Etihad Rail is set to launch its passenger train service in 2026, marking a significant milestone in the country's transportation infrastructure. Reduced car dependency According to Sercan, one of the biggest impact the network will have is people's reduced dependency on cars. 'The rail network will offer a reliable and efficient transportation option even in smaller towns,' he said. 'Current projections estimate an annual ridership of 36.5 million passengers, underscoring the network's role as a cornerstone of national mobility transformation.' He added that beyond the environmental impact, the network will alleviate pressure on road infrastructure, with each train helping to reduce vehicle traffic by up to 300 trucks or private passenger vehicles. Farah Naz, Director Climate and Sustainability Advisory at Aecom, added that the passenger train network would steadily improve. 'As per the Green Transition vision, stated in the UAE's Net Zero Long Term Strategy, the country intends to invest 1,000 kilometres of train infrastructure between 2025 and 2030 to accommodate increased passenger travel,' she said. 'The intention is, the number of passenger trains will rise from 2025 onwards, with a progressive increase up to 2050. Therefore, this project is a significant player in alignment with the decarbonisation vision of UAE.' She shared how trains have one of the lowest carbon emissions among modes of transportation and that Etihad Rail would drastically lower the carbon footprint in the UAE. Jobs Farah explained how apart from having low carbon, low cost, sustainable transportation, the project would also 'establish and sustain a significant number of green jobs around the rail network and the cities and communities it will touch'. Sercan added that by 2030, the network is projected to generate over 9,000 direct jobs. 'In parallel, indirect employment opportunities are anticipated to emerge in retail, hospitality, and real estate, particularly in areas surrounding key station hubs,' he said. 'Improved connectivity is expected to stimulate local economic growth, attract new businesses, and enhance access to education and healthcare, making rural communities more vibrant, livable, and well-integrated with urban centers.' Farah added that a reduction in pollution from industry, energy, and transportation will lead to improved air quality and public health. Challenges Despite the positives, Shweta said that the success of the project could depend on a number of factors. 'How people live and work will depend on last-mile integration, first/last-mile connectivity, and how well it interfaces with local transit systems like the Dubai Metro, buses, and emerging micromobility options in other emirates,' she said. 'The rail alone is not a silver bullet, but it can certainly be a powerful backbone for a multi-modal ecosystem.' She added that if not paired with strong land use controls, there's a risk of sprawl, speculative real estate activity, or non-inclusive growth near stations, especially if smaller towns are seen merely as satellite dormitories rather than holistic communities.
Sky News AU
5 days ago
- Business
- Sky News AU
XL Express leaves hundreds of employees out of pocket as it faces almost $42m in debt, administrator FTI Consulting says
An Australian transport company that collapsed earlier this year faces almost $42m of debt, including $5.3m to former employees and $3.5m to the tax office. XL Express appointed FTI Consulting's Kelly-Anne Trenfield, Ross Blakely and Joanne Dunn as its administrators in June and went into liquidation at the beginning of this month after 35 years in business. About 200 employees were sacked prior to FTI's appointment and left without large sums of pay. The company was locked out of its Western Sydney premises on June 23 for failing to pay rent while workers were let go the next day, according to the administrator. It suffered losses throughout the 2023 and 2024 financial years and had solid tax debts from at least March 2023. FTI predicts XL could have been insolvent as far back as January 2023. Alongside hefty debts to its employees and the ATO, the company also owes almost $19m to major lenders, including NAB, ScotPac and Judo Bank. Other unsecured creditors are owed an additional $12.4m, according to the report. An unknown amount is owed to out-of-pocket former employees for injury compensation alongside the $5.3m of debt owed to former employees. This includes about $925,000 of superannuation, at least $970,000 of annual leave and more than $1.6m of redundancy pay. XL's attempted to sooth some of the crippling debt by engaging with Manheim Auctions to sell its fleet of vehicles just before appointing FTI as its administrator. Prior to its collapse, the Queensland-headquartered company offered transport services for an array of consumer and business customers across the country. On its website, XL Express said it delivered to retail stores, all major distribution centres and residential locations across the nation. It also boasted of a 'national network', which includes its parcel sortation systems and technology that allowed package tracking. 'We're a business that's built on the challenger model,' the company's website states. 'We're here to disrupt the status quo and think harder and act smarter for our clients and their businesses.' The company's collapse follows it establishing a partnership with the Brisbane Lions between 2020 and 2022. XL Express's logo featured on the front of the AFL team's jersey, while the Lions logo was seen on the company's trucks. The Brisbane-headquartered company operated depots around the country including Sydney, Melbourne, Cairns, Darwin, Perth and Adelaide.
Sky News AU
5 days ago
- Business
- Sky News AU
Hundreds of jobs axed as XL Express plunged into liquidation owing $42m
National transport and logistics company XL Express has gone into liquidation after 35 years in business. It has collapsed owing almost $42m in estimated debts, with about 200 employees to be left without jobs. The Brisbane-based trucking company was founded in 1990 and operated across Australia. The company was plunged into voluntary administration in late June and appointed administrators Kelly-Anne Trenfield, Ross Blakely and Joanne Dunn from FTI Consulting, who conducted an 'urgent assessment' into its finances. As part of the liquidation, its 200 employees were stood down and on June 23,the premises in Western Sydney were locked due to unpaid rent, the administrators said. The FTI Consulting report said the logistics company owed up to $41.9m in total debts, with $5.3m owed to employees and $3.4m to the Australian Taxation Office. XL Express also owes an estimated $18.9m to lenders including NAB, ScotPac and Judo Bank. The report said an estimated $12.4m was also owed to other unsecured creditors. Multiple injury compensation claims that are being processed by insurers were also noted by administrators. Prior to the logistics company appointing administrators, it engaged with Manheim Auctioneers to begin the process of liquidating its fleet of vehicles. According to the administrator's report, XL Express' forecast from January 2023 indicated 'ongoing cash flow difficulties', incurring losses in FY23, FY24 – excluding abnormal items and revaluation of its assets – and March YTD FY25. On August 4, the Australian Securities and Investments Commission issued a notice of deemed special resolution to wind up XL Express and its 17 associated companies. XL Express operated depots and facility locations in Brisbane, Sydney, Melbourne, Adelaide, Perth and Darwin, as well as regional depots in Cairns, Townsville, Mackay and Newcastle. Originally published as Hundreds of jobs axed as XL Express plunged into liquidation owing $42m
Perth Now
5 days ago
- Business
- Perth Now
Transport company collapses owing $42m
National transport and logistics company XL Express has gone into liquidation after 35 years in business. It has collapsed owing almost $42m in estimated debts, with about 200 employees to be left without jobs. The Brisbane-based trucking company was founded in 1990 and operates along Australia's east coast between Melbourne, Sydney and Brisbane. The company was plunged into voluntary administration in late June and appointed administrators Kelly-Anne Trenfield, Ross Blakely and Joanne Dunn from FTI Consulting, who conducted an 'urgent assessment' into its finances. National trucking company XL Express has gone into liquidation. Supplied Credit: Supplied As part of the liquidation, its 200 employees were stood down and the premises in Western Sydney were locked due to unpaid rent, the administrators said. The FTI Consulting report said the logistics company owed up to $41.9m in total debts, with $5.3m owed to employees and $3.4m to the Australian Taxation Office. XL Express also owes an estimated $18.9m to lenders including NAB, ScotPac and Judo Bank. The report said an estimated $12.4m was also owed to other unsecured creditors. Multiple injury compensation claims that are being processed by insurers were also noted by administrators. On August 4, the Australian Securities and Investments Commission (ASIC) issued a notice of deemed special resolution to wind up XL Express and its 17 associated companies. More to come
