Posted by: Danielle Moore at August 02, 2023
Rebus co-founder Tom Chirnside has worked closely with a mining client to solve sector-based working capital and infrastructure funding challenges.
CFO of Castlereagh Coal said accessing suitable funding options was proving difficult as Australia works to transition to renewables.
“As part of the coal industry, it is certainly harder to work with or even talk to Tier 1 capital providers now,” he said.
“We’re in an environment where there’s still a decade or more of coal-generated electricity needed to ensure consistent supply. However, funding and insurance sectors no longer want to support what is a critical piece of infrastructure.
“We were introduced to Tom at Rebus by one of our equipment providers very early on in our operations, and we’ve been working closely with him since.
“He has been very important to our business, that’s for sure.”
Castlereagh owns and operates coal mines in western NSW, supplying local power stations with domestic thermal coal. It is in the process of reinstating the operation of two sites, employing more than 35 people to reinforce electricity supply across the State.
While the company recognises the world is moving to renewable energy sources, “keeping the lights on” for millions of electricity users in the interim is essential.
The funding and credit solutions Rebus created for Castlereagh allowed it to procure equipment, provide working capital and establish the business, saying that working with Tom “has been excellent”.
“He stepped into our shoes to understand the industry and our business to the point where he knows it as well as we do.
“Thinking outside the box, he uncovered funding and credit solutions in places we wouldn’t have thought of, and many people probably don’t know exist.
“If you don’t have passionate people communicating with funders the messaging gets lost, so he’s been great.
“To be honest, without his support and solutions, we wouldn’t be able to operate. We can’t thank him enough.”
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The Trustee for the Rebus Capital Partners Unit Trust ABN 88 452 904 420. Authorised Credit Representative 523233 under Australian Credit Licence 536100.