Glencore, partners in Australian port face heavy cost of boom era bet

March 17, 2016

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Glencore and five other miners backing the world’s most expensive coal port in Australia face extra annual charges of A$150-million after the restructuring of one of their partners this month, the latest to buckle under slumping commodity prices.

The additional charge will deal a blow to the remaining backers of the A$2.6-billion ($2-billion) Wiggins Island Coal Export Terminal (WICET) in east Australia at a time when they are grappling with floundering coal markets.

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