An aerial photo of the Wiggins Island Coal Export Terminal.
An aerial photo of the Wiggins Island Coal Export Terminal. Contributed

Speculation mounting for sale of WICET to American buyers

SPECULATION is mounting over a possible sale of Gladstone's Wiggins Island Coal Export Terminal, with rumours of two potential American infrastructure buyers.

The Australian has reported owners of WICET have fielded offers from two American infrastructure buyers following ongoing concerns over the project's financial viability.

WICET declined to comment on the speculation on behalf of its owners.

>> WICET's $1.06 billion trouble as deficient blows out

It's still unclear who the suitors are, or the price they are prepared to pay.

The Australian reported there are 19 lenders to WICET that are owed $3.9 billion, and a recovery in the languishing coal price may have eased fears that the terminal may have to be placed in receivership.

WICET is owned by a syndicate of miners including Glencore, Wesfarmers Resources, Yancoal Australia, Aquila Resources, Northern Energy Corporation and Caledon Resources.

In December The Observer revealed WICET's "equity deficiency" rose from $741 million to $1.06 billion in a year.

The Australian Securities Investments Commission filings detailed the company, which employs more than 90 people in Gladstone, valued its assets at $3.6 billion at the end of the last financial year.



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