In a corporate update, Gujarat revealed it had successfully negotiated and settled the winding up proceedings that RUS Mining started in October.

The amount paid was not disclosed, but Gujarat did reveal the sums sought by three other creditors that have winding up proceedings underway against the coal miner.

Gujarat’s 4.58% shareholder, Singapore’s UIL, was seeking to liquidate the coal miner over a $US14.14 million debt, with a New South Wales federal court hearing expected March 4.

Gujarat said PCL Shipping aimed to support this proceeding over an amount of approximately $3.17 million.

Ellton Conveyors, which installed conveyor systems and provided engineering solutions for Gujarat over past years, separately launched a winding up proceeding in the NSW’s Supreme Court over a debt of $A2.86 million with a hearing due March 6.

“The company is seeking necessary legal advice on the above matters and intends to vigorously defend the actions,” Gujarat said.

“The company will continue to update the market on any developments in relation to these matters.”

Gujarat was also served with statements of claim from British Marine over a $US2.43 million amount and another one from fellow shipper Ultrabulk A/S for $2.5 million.

Axis funding, new COO

In brighter news, Axis Bank recently took up an issue of 40 million Gujarat shares for $A3.2 million, while the coal miner recruited mining engineer and qualified senior site executive David Stone as its new chief operating officer.

Stone last worked for troubled Clive Mining, but has also had senior roles at Xstrata Coal and Anglo American, plus worked with BHP Billiton and MIM as a mining consultant over his 20 years-plus career.

Angel investor Jindal Steel has recently increased its stake of Gujarat from 65.84% to 69.29%. A vote on changing Gujarat’s name to Wollongong Coal will also take place next week.