Boss of indebted Solid Energy quits

  • 04/10/2016

The boss of distressed state-owned miner Solid Energy is leaving the company as it prepares for the final sale of its assets.

Chief executive Dan Clifford will step down in the middle of November after two and a half years in charge.

The company is in the process of selling its assets after it was placed into voluntary administration in August last year owing 1500 creditors $320 million.

Mr Clifford, the former general manager of Glencore's Ulan Complex of coal mines in New South Wales, is returning to Australia and will be replaced by chief operating officer Tony King.

Chairman Andy Coupe said Mr Clifford had made an outstanding contribution to the company during extremely challenging times.

Mr Coupe said bids had been received for the company's assets after it put all of its land, mines and other assets up for sale in September last year and there had been an "encouraging level of interest".

A recent rise in coal prices had been beneficial for the sale process he said, and bids will now be evaluated.

"Because assets have been offered for sale as a whole or in parts various sale configurations are possible, each with different outcomes."

He said it expects to make an announcement on the sale progress, and the next steps for the company wind down, later this month.