00:00Selling up one operation to pay the bills on another.
00:06A stake in this coal mine near Tarmore in New South Wales, to be sold by Wyala Steelworks
00:11owner GFG Alliance, with some of the proceeds available for reinvestment in Wyala to catch
00:17up with supplier payments.
00:19These things take time and we're worried about time.
00:23The sale won't happen quickly, it needs approval from the company's board.
00:28Despite the promises of new funds, both sides of politics remain worried about GFG's debts
00:33in Wyala, including tens of millions in royalties, a similar amount to private contractors, and
00:39the ABC understands $17.5 million to SA Water.
00:43This problem would go away quickly if GFG simply paid all of their debts as and when
00:50they feel due.
00:51They need to be paid and they need to be paid now.
00:54GFG Alliance has also reached an agreement to settle its debts with UK-based finance
00:58firm Greensill Capital.
01:00Chairman Sanjeev Gupta says it means the company can now pump new money into its Wyala operation.
01:06Amid the challenges, there's been ongoing questions around the future of the state government's
01:10proposed hydrogen project in Wyala.
01:13The government says its promise to build a $600 million hydrogen plant hinges on GFG
01:18as a customer and its operations in Wyala are transitioning to green steel.
01:24In a change in tone over the project, Premier Peter Malinowski says his government is yet
01:29to make a final investment decision on certain parts needed for the hydrogen project to go ahead.
01:34If it's not expended on the hydrogen jobs plan, it will be expended exclusively within
01:41the Wyala community.
01:43An ongoing commitment for a struggling city which has been promised a lot.
01:48For more UN videos visit www.un.org
Comments