July 2 (Reuters) - Stanmore Resources (SMR) said on Friday Singapore's Golden Energy and Resources GOLD.SI (GEAR) had agreed to increase a loan that would help the Australian coal miner satisfy its debt requirements and make progress in the Isaac Plains project.
The funds are a shot in the arm as Australia's coal industry faces dwindling access to finance and insurance due to increasing pressure on their backers to break away from fossil fuels.
Singapore-based thermal coal miner GEAR, which made a failed $171 million bid for Stanmore in 2019, has agreed to increase its loan facility to $70 million from $40 million earlier, Stanmore Resources said in a statement.
"The funds under the increased GEAR facility is a significant step forward in the progression of the Isaac Downs project... as it substantially satisfies the company's short to medium term debt requirements," Stanmore said.
Stanmore operates the Isaac Plains complex, which produces semi-soft coking coal and thermal coal, in the state of Queensland.
Miners New Hope Corp (NHC) and Whitehaven Coal (WHC) recently reported a worsening access to financial services, as the top banks in Australia, the world's biggest coal exporter, are working to phase out exposure to thermal coal by 2030.
Earlier this week, smaller peer TerraCom Ltd's (TER) debt holders agreed to a delay payment by six weeks, allowing the coal miner to finalise a new debt facility.
News: SMR Australian coal miner Stanmore says Singapore's GEAR will raise loan facility
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