Search for buyers for collapsed miner's 15% slice of WICET

A train is being used to test out the rail receival area for WICET.

Photo Mara Pattison-Sowden / The Observer
A train is being used to test out the rail receival area for WICET. Photo Mara Pattison-Sowden / The Observer Mara Pattison-Sowden

THE administrators of Caledon Coal are hunting down keen buyers of the failed miner's 15% share of Wiggins Island Coal Export Terminal.

Administrators PPB Advisory said the 14.55% of WICET shares is valued at $81.5 million.

The embattled central Queensland miner and part-owner of Wiggins Island Coal Export Terminal was placed into liquidation on July 31.

Advertisements have been placed in newspapers in a bid to find a miner keen to take over Caledon's slice of WICET.

Caledon Coal's liquidation made it the third original owner of WICET to buckle under financial stress and the low coal price.

It placed the remaining five miner owners in a tougher position as they continue to struggle to repay almost $4 million to 19 lenders.

"Expressions of interest are sought for the sale of Wiggins Island Preference Shares (WIPS), being preference shares in WICET Holdings Pty Ltd, the ultimate parent company of Wiggins Island Coal Export Terminal,' the ad reads.

"WIPS available for sale comprise 81,481 preference shares representing 14.55% of total WIPS on the issue and a face value of 81.5m."

Caledon Coal Group, owned by Chinese-state entity Guangdong Rising Asset Management (GRAM), was placed in administration earlier this year with a debt of about $4 billion.

The advertisement said those who register their interest must sign a confidentiality agreement.

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