Coalminer Whitehaven says the fact that Australia's biggest...

Coalminer Whitehaven says the fact that Australia's biggest banks have again backed the company in a refinancing deal shows people are wrong to write off the coal industry as a thing of the past.

Whitehaven chief executive Paul Flynn said the deal was "transformative" for Whitehaven, and "a very strong endorsement of the company and our industry".

The agreement gives the coal miner breathing room amid heavily depressed global coal prices.

"For those who think the coal industry is part of the past, they may need to rethink their views, because that is certainly not the view of those who have just funded the deal," Mr Flynn said.

Campaigners who have urged investors to dump holdings in fossil fuel companies could "make their own minds" as to whether the refinancing was a blow, Mr Flynn said. The big four banks have been the chief target of Australian campaigners.

"To have all the major banks represented in our syndicate and for them to sign up again, on even better terms than what we had before, obviously their belief in our business and our industry is very strong."

Read more: http://www.smh.com.au/business/mini...-big-banks-20150312-142lpx.html#ixzz3UDoxlnWE