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AAP
AAP
Abe Maddison

Billionaire to sell coal mine to prop up steelworks

GFG Coal Sanjeev Gupta Whyalla David Mariuz Peter Malinauskas SA
Billionaire Sanjeev Gupta has revealed plans to sell a coal mine to support the Whyalla Steelworks. (David Mariuz/AAP PHOTOS)

A UK billionaire will try to sell a coal mine to prop up the Whyalla steelworks, as he announced a deal to settle billions of dollars of debt linked to a financier's collapse.

GFG Alliance chairman Sanjeev Gupta said on Friday a debt settlement deal had been reached with creditors of global financier Greensill Capital, which had advanced billions of dollars in credit to GFG  before it collapsed in 2021.

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