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Nov 19, 2020

MACA brings in receivers over Bluff bills

MACA brings in receivers over Bluff bills

Mining contractor MACA says it has appointed receiver managers over the accounts of Bluff coal mine owner Carabella Resources over money it is owed.

It comes after the company announced late last month that the Bluff PCI mine, 20km east of Blackwater, was being placed on care and maintenance amid soft coal prices and uncertainty over Chinese imports.

It said it that stage that the parties were working to fulfill current coal sales obligations, with mining services expected to halt around the end of November.

In a brief statement to the ASX today MACA said it had appointed John Park and Joseph Hansell of FTI Consulting to act as receiver managers over the accounts of Carabella with respect to the secured loan owed to MACA.

On October 29 MACA said the carrying value of the amount Carabella owed it for mining services performed and the working capital facility as at June 30 was $34.7 million.

China’s Wealth Resources took over Carabella in 2014, and its Queensland coal assets include the Grosvenor West project 160km south-west of Mackay as well as Bluff.

MACA and Wealth Resources did not respond to iQ Industry Queensland’s request for further information.

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