I welcome Yancoal Australia's announcement that it has successfully completed new financing arrangements if it means more certainty for the workforce and an on-going presence in the Hunter region.
But it's also an opportunity for the new entities who now appear to control the mining assets to act in good faith and respect the rights of the workforce.
New partners Industrial Bank Co. Ltd, Financial Products Ltd, and United NSW Energy are most likely to meet with success if they place an appropriately high value on the Yancoal's workforce and deal with them and their representatives in good faith.
A good start would be to review Yancoal's current attempts to use a new company vehicle to push staff on to new contracts with reduced conditions of employment.
The Company and the workforce want the same thing; a sustainably viable mining business.
Those who now have a say in the Company's decision making as a result of today's deal should understand and realise that a skilled and appreciated workforce will be critical to the success we all want.