The WA government, pushing ahead with the closure of coal-fired power stations, looks set to become a part owner of an unwanted Chinese-controlled mine.
Taxpayers in Western Australia are set to be left holding a 25 per cent stake in an unwanted coal mine as the stateWA government-owned Synergy is subsidising the Chinese-owned Premier Coal for every tonne it produces under a convertible loan deal capped at $50 million and due to expire in 2030, by which time Synergy plans to have closed its two coal-fired power stations.
The current Labor government played down summer blackout fears this week after revelations the Collie Power Station, which supplies Perth and major towns, would be shut until at least January 2023 amid a coal shortage caused by problems at Premier. South32 pushed go on its coal import plans after a syndicate of lenders owed about $1 billion pushed Griffin into receivership in September.has raised the prospect of Synergy following the lead of South32 and importing coal to supplement local supply for the next seven years.
Premier’s financial records for 2021, when it suffered a loss of more than $700,000, show its debt to Synergy under the convertible note agreement stood at $29 million.
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