Liquidation of firm ‘not connected’ to PanAust

Business

THE liquidation of the Caledon Coal group in Australia will not impact PanAust business, especially the Frieda River copper-gold project in West Sepik, a company official says.
PanAust’s headquarter is in Australia.
It is owned by Guangdong Rising HK (Holding) Limited, a wholly-owned subsidiary of Guangdong Rising Asset Management Co Ltd (GRAM).
It is an asset manager with a diverse investment portfolio in various industrial and resource sectors. It also owns the Caledon Coal group.
GRAM acquired PanAust in 2015 and had been supporting its operations.
The day-to-day management activities is a responsibility of PanAust’s executive team.
The Caledon Coal group of companies was managed as a separate business operating in the coal industry.
“The liquidation of the Caledon Coal Group is not connected to the PanAust business,” the official said.
“Furthermore, the liquidation of the Caledon Coal group will not impact the PanAust business, its subsidiaries, or its pre-development assets, including the Frieda River copper-gold project in Papua New Guinea.
“PanAust looks forward to working with the incoming Government of PNG, landowners, host communities and their commercial partners to advance the Frieda River project.”
Caledon Coal Group, owned by GRAM, was placed in administration earlier this year with a debt of about A$4 billion (K9.89 billion).
It owes employees A$22 million (K54.43 million) and WICET more than A$24 million (K59.37 million).”

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