Company News Summary
Cockatoo Coal Releases WICET Stage One Construction Update
Original announcement: WICET Stage One Construction Update
Cockatoo Coal has been selected as a 3.0Mt per annum ('MTPA') Stage 1 user of the Wiggins Island Coal Export Terminal ('WICET') at Gladstone, Queensland. The Company is not required to make any further capital contributions to the Stage 1 WICET construction costs. The Company has been advised that as a result of WICET project being impacted by conditions in the construction market, timing of various approvals and some project-related matters, WICET has revised its forecast schedule for Stage 1 with the result that completion of the new terminal is now expected in March 2015. The project is now approximately one third complete and forecast construction costs remain within WICET's financing envelope for which WICET has secured all funding.
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