wiggens island, page-3

In an article on 7/5, the AFR said that overseas pension funds could be interested in Wiggins. Wiggins has $2.45b of senior debt, and $500m subordinated debt. The take or pay is the current issue (for BND). Her'es the link to that article (for members or take a free AFR trial):

http://www.afr.com/Page/Uuid/2dd068a6-d4c0-11e3-a299-e932df4f2047

It says that if miners (BND comes to mind here) cannot meet their T or P obligations, then:

"Others will pick up their obligations,” he said, adding WICET was currently in talks with miners to work out how much coal they expected to produce over the next 12 months. “That argy bargy is taking place at the moment.”
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Today's article- the one you linked- says this:

"Bandanna, which has a take-or-pay throughput obligation of about 14 per cent of WICET’s capacity, is already in serious trouble and some in the market believe it may be at risk of insolvency. If Bandanna can’t meet its throughput obligations, other miners such as Xstrata will have to step up to cover it, possibly bringing in coal from other regions to help cover the shortfall."
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If all of this can get sorted, it would remove a serious overhang/legacy issue for BND. It is the elephant in the room. BND needs to ease market concerns.