Wheres can this UPI article be found that everyone keeps referring to??
The Drudge report times out.
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Announcement from ERM has made my day. :)
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Thanks Steve,
As far as the timeline goes, I’m still trying to get my head around that, and a lot of other stuff as well.
As far as leaks go, I reckon it was pretty much a sieve with political administration meetings before the first official one with Korda Mentha on December 23, 2024.
This ABC link: 24/02/25 https://amp.abc.net.au/article/104974850 talks about the cast of ‘at least tens’ involved, and also gives a taste of agenda at tomorrow’s creditors meeting:
… “The meeting agenda, also released today, showed creditors would decide whether to appoint a "committee of inspection" – a group of creditors who can advise the administrators…”
See full story in spoiler:
SA government's Steel Task Force began talks with Whyalla Steelworks administrators in December
By Kathryn Bermingham
Posted Mon 24 Feb 2025 at 7:23amMonday 24 Feb 2025 at 7:23am
Peter Malinauskas's government first had contact with insolvency firm KordaMentha before Christmas last year.(ABC News: Carl Saville)
The South Australian government first contacted insolvency firm KordaMentha before Christmas 2024 to discuss putting the Whyalla Steelworks into administration, new documents show.
Financial information published by KordaMentha on Monday also revealed $100 million in taxpayer funds has already been handed over to the administrator for "initial trading expenses and remuneration".
Up to an additional $300m will be made available to cover the cost of administration, which will be drawn upon as needed and require government approval for any expense above $5 million.
The funding, part of a support package announced by the state and federal governments last week, will be used to keep the plant running during the administration period and cover payments to creditors.
The steelworks was plunged into administration by the government last weekafter special legislation was rushed through state parliament, allowing the government to seize control of operations.
Special legislation was rushed through parliament last week, plunging the Whyalla steelworks into administration.(ABC News: Che Chorley)
Owner GFG Alliance had owed more than $300 million to creditors and tens of millions of dollars in royalties to the government, resulting in months of uncertainty for the city.
Following the passage of the government's bill, KordaMentha was installed as administrator of GFG subsidiary OneSteel Manufacturing.
First contact on December 23
The new documents, which KordaMentha was required by law to make public, show the state government's Steel Task Force chair Bruce Carter first contacted KordaMentha just before Christmas last year to discuss "the possibility of the company entering into external administration in the future".
Following the initial phone call between Mr Carter and KordaMentha's Mark Mentha on December 23, another discussion between the pair took place on January 20, before a meeting was arranged for January 28.
The meeting was attended by Mr Carter and Mr Mentha as well as Sebastian Hams, also of KordaMentha, and Leon Zwier and Erin Puckridge of commercial law firm Arnold Bloch Leibler.
Mr Mentha oversaw the last period of administration at the steelworks, which resulted in its sale to GFG chairman Sanjeev Gupta in 2017.
Sanjeev Gupta bought the Whyalla steelworks in 2017.(ABC News: Nick Harmsen)
Several senior public servants were also at the January 28 meeting, including Under Treasurer Tammie Pribanic, Department of Energy and Mining chief executive Paul Martyn and Department of Premier and Cabinet deputy chief executive Nari Chandler.
"The purpose of the meeting was to discuss the potential appointment of external administrators to the company," the documents said.
Mr Carter and Mr Mentha had four phone calls between February 4 and February 13, before lawyers acting for the government emailed Mr Mentha on February 15 "seeking to engage in discussions regarding funding of the potential appointment by the state".
Meetings held for 'better understanding'
Between February 16 and February 18, Mr Carter and Mr Mentha had six further discussions about funding arrangements before a call was held with a larger group on February 18 — including Ms Pribanic, Mr Chandler, Department of Energy and Mining executive director Rebecca Knights, Department of State Development chief executive Adam Reid and three staff from the Crown Solicitor's Office.
Numerous discussions were held with insolvency firm KordaMentha before the Whyalla steelworks was placed in administration last week.(ABC News: Brant Cumming)
On February 19 — the day the bill passed parliament — Mr Mentha and KordaMentha colleagues met with Mr Zwier and lawyers acting for the government.
"The purpose of the meeting was for the potential administrators to obtain a better understanding of the legal basis for the proposed appointment by the state and to better satisfy themselves as to the validity and enforceability of the state's security and that secured moneys remained unpaid, prior to signing a Deed of Appointment," the documents said.
Mr Mentha and Mr Zwier then attended a meeting at the office of Premier Peter Malinauskas to execute the deed of appointment.
The documents also revealed that KordaMentha had been engaged in November 2022 by former GFG creditors Greensill to undertake a review of GFG assets, including the Whyalla Steelworks and Tahmoor coal mine in New South Wales.
Anthony Albanese and Peter Malinauskas visited the Whyalla steelworks last week.
KordaMentha will hold the first meeting of Whyalla Steelworks creditors on Monday, March 3, at the local Westland Hotel.
The meeting agenda, also released today, showed creditors would decide whether to appoint a "committee of inspection" – a group of creditors who can advise the administrators.
Prime Minister Anthony Albanese and Mr Malinauskas visited Whyalla last week to announce a $2.4 billion support package for the city, jointly funded by the federal and state governments.
As well as covering the administration costs, the package includes $1.9 billion set aside for new infrastructure to ensure the success and longevity of the steelworks.
Last week, a spokesperson for GFG Alliance said the business was "assessing" and "seeking advice on its options" after the steelworks was placed into administration, and that its concern was "first and foremost the wellbeing and safety of our employees".
I wonder if NRW’s confidence about the full debt being recovered stems from its’ confidence it will have a strong voice in that advisory body?
- It already has an assurance of extension of contract there for at least a year …
— Relevant to its reemployment, I saw in my previous post I did not include the link from January 16 where the ABC reported Golding only laid off workers in January after GFG betrayed the good faith .
It’s clear that, from at least then, it was already engaged with SA Energy and Mining Minister Tom Koutsantonis about avoidable job losses:
…. “Energy and Mining Minister Tom Koutsantonis said the cuts were triggered when GFG made a board decision yesterday to end that contract" with Golding.
Mr Koutsantonis said he was only informed of that decision on Wednesday (15/01/25) and questioned why GFG Alliance had not yet pressed on with plans to extend mining operations in the hills around Whyalla.
"Those job losses, I think, could have been avoided," he said.
"All the approvals are in place, there is plenty of iron ore in those hills, it is the most lucrative and profitable part of Mr Gupta's business.
“It’s an eminently invest-able project, why that investment hasn’t come yet is a matter for GFG."
https://amp.abc.net.au/article/104824430
Iron mining job losses 'could have been avoided' by GFG, SA Energy Minister says
Posted Thu 16 Jan 2025 at 5:13amThursday 16 Jan 2025 at 5:13am, updated Thu 16 Jan 2025 at 8:14amThursday 16 Jan 2025 at 8:14am
Job losses linked to Whyalla's steelworks were announced on Wednesday.(ABC News: Che Chorley)
South Australia's Energy Minister has slammed the company that owns the Whyalla steelworks, saying hundreds of job losses in the local iron mining industry "could have been avoided".
Yesterday it was revealed about 350 jobs would be cut earlier than planned by contractor Golding Contractors which is involved in the mining of hematite, a type of iron ore, at Iron Knob north-west of the regional city.
Last year, the steelworks' owner GFG Alliance announced plans to wind down its mining of hematite as it shifted to mining magnetite — a form of iron ore suitable for green steel production.
But it is understood Golding has decided to end part of its operations this week despite previous plans to continue until around the middle of the year.
The pellet plant at the Whyalla steelworks, owned by GFG Alliance.(ABC News: Che Chorley)
Energy and Mining Minister Tom Koutsantonis said the cuts were triggered when "GFG made a board decision yesterday to end that contract" with Golding.
Mr Koutsantonis said he was only informed of that decision on Wednesday, and questioned why GFG Alliance had not yet pressed on with plans to extend mining operations in the hills around Whyalla.
"Those job losses, I think, could have been avoided," he said.
"All the approvals are in place, there is plenty of iron ore in those hills, it is the most lucrative and profitable part of Mr Gupta's business.
“It’s an eminently invest-able project, why that investment hasn’t come yet is a matter for GFG."
Mr Koutsantonis met with GFG executive chair Sanjeev Gupta last week after the company announced its blast furnace was operational following a four-month shutdown for significant repairs, but said he could not explain "why Mr Gupta didn't want to face the media".
Mr Koutsantonis questioned why GFG Alliance had not yet pressed on with plans to extend mining operations in the hills around Whyalla.(ABC News: Carl Saville)
The minister said he understood a "high proportion" of the impacted employees were fly-in fly-out workers, and that about 80 could be redeployed by GFG.
"GFG made a board decision yesterday to end that contract and Golding are now moving onto the other mine sites.
"In my experience, there have been a lot of big reveals in Whyalla, a lot of big pronouncements in Whyalla … [but] we're in a scenario now where we watch to see what they do, rather than what they say."
Mr Koutsantonis also revealed today that GFG Alliance is yet to finalise a $150m loan theyannounced they were working to secure by the end of 2024.
"I'm also still waiting on the $150m worth of loans they're talking about getting in to try and relieve some of the backlog of payments," he said.
"I understand that's now delayed to February as well."
The ABC has contacted Golding Contractors, for comment through their parent company NRW holdings.
GFG Alliance has also been contacted for comment.
Hamish Smith, who had worked at Golding for six years before being made redundant in September, said the latest job cuts announcement was "very disconcerting".
Hamish Smith was made redundant from Goldings in September as part of the first round of job cuts.
"I sort of feel for a lot of the people, knowing what's sort of coming — going through it only a few short months ago," he said.
"It's quite saddening to see it [the steelworks] in such a rocky situation, because it is such a vital part of Australia and South Australia specifically."
Mr Smith said “there’s a lot of uncertainty and angst” in Whyalla after the recent announcements.
“I think for the foreseeable future Whyalla is in a bit of a dark, dark space,” he said.
“There’s definitely hope but I think it probably needs to be better managed.”
Whyalla Mayor Phill Stone told ABC Radio Adelaide he was also only informed yesterday of the decision to bring forward the job losses.
"The reason why they've now brought it forward, I can't answer that," he said.
"The first I heard of it was, I did have a private very brief briefing just before the announcement yesterday that this was happening. It was to keep council in the loop as to what they were doing."
Mr Stone said the decision came barely a week after the city breathed a "big sigh of relief" at the news that the blast furnace was up and running.
The owner of Whyalla's steelworks has ended its contract with mining company Goldings, the SA government says.(ABC News: Che Chorley)
He said he understood about 30 per cent of the 350 workers were "local employees".
"The rest are contractors who come from elsewhere. Some come down from Port Augusta, that primarily work at Iron Knob. That workforce is mainly from outside Whyalla," he said.
"But yes, they're jobs going from somewhere in South Australia."
Opposition calls for transparency
Shadow Minister for Mining Stephen Patterson has called for the government to be transparent saying Mr Koutsantonis “should be up in Whyalla”.
“The government needs to come out and tell us what their contingency plan is,” he said.
“The relationship between GFG and the state government needs to be strong, the fact that we’ve got the government now at odds with GFG is deeply concerning.”
cheers
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