Joint media release with the Minister for Finance, Senator the Hon Simon Birmingham
The Morrison Government is investing almost $100 million in two new South Australian headquartered cooperative research projects that will turbocharge the growing marine bio-products sector and help heavy industries like steel transition to a cleaner and more competitive future.
The funding – provided through the Cooperative Research Centre (CRC) Grants program – includes $39 million to establish the Heavy Industry Low-carbon Transition Cooperative Research Centre (HILT CRC), which will be led by the University of Adelaide. A further $59 million will help to establish the Marine Bioproducts Cooperative Research Centre (MB-CRC), led by Flinders University.
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Billionaire Sanjeev Gupta appears to have saved the Whyalla steelworks after cementing a $430 million refinancing of the steelworks and his Tahmoor Coal operations, replacing funding which had previously stemmed from the collapsed Greensill Capital.
Mr Guptaâs GFG Alliance said on Wednesday the new financing agreement âis sufficient to pay out its Greensill debt in fullâ on the funding for the Liberty Primary Metals Australia entity that owns the Whyalla steelworks and Tahmoor operations in NSW.
Sanjeev Guptaâs GFG has secured a refinancing of the Whyalla and Tahmoor coal operations in Australia.Â
It is understood the agreement has been struck with San Francisco-based White Oak Global Advisors.
Sonali Paul
2 minute read
Liberty Steel s Sanjeev Gupta smiles outside their newly acquired Liberty Steel processing mill in Dalzell, Scotland, Britain April 8, 2016. REUTERS/Russell Cheyne/File Photo
Indian-British steel magnate Sanjeev Gupta s GFG Alliance said on Wednesday its Liberty Primary Metals Australia arm had agreed terms to refinance its exposure to Greensill Capital, which is facing bankruptcy. The new financing is sufficient to pay out its Greensill debt in full and to provide on-going working capital for the LPMA group, which includes the integrated mining and primary steel business at Whyalla and its coking coal mine at Tahmoor, a GFG Alliance spokesman said.
Last modified on Wed 5 May 2021 18.09 EDT
The metals empire owned by the industrialist Sanjeev Gupta said it has agreed terms on new financing for a key part of its business located in South Australia, potentially staving off a threat to thousands of jobs.
GFG Alliance said on Wednesday that Liberty Primary Metals Australia (LPMA), which includes a mining and steel business in Whyalla and a coalmine at Tahmoor, had agreed a deal to refinance loans previously extended by Greensill, the financial firm that collapsed into administration in March. It also said it would consider selling some parts of the business.
GFG Alliance confident ahead of Credit Suisse court hearing
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Sanjeev Guptaâs GFG Alliance remains confident it can secure financing to keep its Australian steelmaking operations open as it prepares for its first hearing in a legal skirmish with Credit Suisse.
Mr Guptaâs legal counsel will appear in the NSW Supreme Court on Thursday for a directions hearing after Credit Suisse, via Citibank, filed an application for âwinding up in insolvencyâ against GFGâs OneSteel Manufacturing, which operates the Whyalla Steelworks, and GFGâs Tahmoor Coal.
Citibank acts as trustee for some US$1.6 billion ($2.1 billion) of GFG-related invoices that were packaged into bonds by the collapsed firm Greensill Capital and held in four supply-chain funds managed by Credit Suisse, which is trying to recover billions of dollars for more than 1000 investors who sank money into them.