Wollongong Coal (ASX:WLC)
has responded to a report in the Illawarra Mecury that it is not fit to hold a mining licence and was being investigated by the NSW State goverment’s mining regulator.
The article said the anti-coal group Lock the Gate was alleging the company was unfit to hold the licence as it was at risk of insolvency and relying on parent company Jindal Steel and Power to keep it afloat.
Wollongong Coal says it will co-operate fully with the investigations and it doesn’t consider it appropriate to comment however it considers the allegations completely baseless.
Wollongong Coal reported a net loss of $182 million for the 2016 financial year.