Embattled industrialist Sanjeev Gupta says he is poised to sell the Tahmoor coal mine for as much as $US500 million ($800 million) and a chunk of the proceeds will be funnelled into recapitalising his troubled Whyalla steelworks.
South Australian Premier Peter Malinauskas said on Friday Mr Gupta is running out of time to pay back his creditors who are owed tens of millions at Whyalla. He is worried the proposed Tahmoor sale could take too long and that the loss-making plant needs urgent funds.
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Hans van Leeuwen covers British and European politics, economics and business from London. He has worked as a reporter, editor and policy adviser in Sydney, Canberra, Hanoi and London. Connect with Hans on Twitter. Email Hans at hans.vanleeuwen@afr.com
Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
