Vitrinite employees owed $16 million as Vulcan mine bids come due

The Vitrinite group’s voluntary administration has exposed more than $400 million in debt, including $16 million in employee entitlements and $177.3 million owed to Trafigura, as administrators from Cor Cordis point to depressed metallurgical coal prices, high operating costs and production disruptions as key causes of the Vulcan mine collapse, while receivers from KordaMentha advance a sale process with final bids due 26 May and a winding-up application set to return on 1 July.

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