Baralaba Coal's future in limbo once again
The future of Central Queensland mining company Baralaba Coal is in limbo once again after the company went into voluntary administration this week.
In a statement to the Australian Stock Exchange on Wednesday, the company announced it was appointing administrators from advisory firm McGrathNicol, effective immediately.
McGrathNicol said the administrators were "undertaking an urgent assessment of the company" and would work closely with stakeholders "to quickly stabilise operations and to determine the appropriate strategy for the business".
The move followed an unsuccessful attempt to raise $77 million with a share entitlement offer.
It's the second time the company, formerly known as Cockatoo Coal, has gone into administration in two years.
Cockatoo Coal appointed administrators in November 2015 after ANZ indicated it would terminate the company's $81 million bank guarantee.
That led to the placing of the Baralaba North mine into care and maintenance mode, resulting in the loss of about 75 jobs.
The company restructured and rebranded itself as Baralaba Coal in 2016 and appointed a new CEO in January, who departed after four months in the job.
Baralaba Coal's March quarterly report said coal production at its Baralaba North mine was set to resume around October.
Banana Shire mayor Nev Ferrier said he had been assured by the company the appointment of administrators did not necessarily mean the mine would not reopen.
He said road works currently being undertaken by the company to allow for coal haulage from the mine to the company's new train load-out facility at Moura were still on track to be completed.
"I was out there today (Thursday) and there's still work going on," Cr Ferrier said.