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Wollongong Coal expands drawdown facility to A$175M

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Wollongong Coal expands drawdown facility to A$175M

WollongongCoal Ltd. said April 12 that its A$150 million short-term drawdownfacility with its major shareholder Jindal Steel & Power (Mauritius) Ltd. has beenincreased to A$175 million.

The facility has also been renewed until March 31, 2017,from March 31, 2016.

To date, the company has drawn around A$153.3 million underthe facility to meet its operational and developmental costs.

Previously in April, the state Planning AssessmentCommission rejectedthe proposed expansion of Wollongong's Russell Vale colliery in New South Wales, Australia, on thegrounds that the magnitude of the expansion's impacts to the environmentoutweighs its social and economic benefits.