In mid-May 2014 the Victorian and Commonwealth government's allocated $30 million to CEA from the Advanced Lignite Demonstration Program for the construction of "a $143 million demonstration plant producing fertiliser, oil and high value coal used in steelmaking."
In its first full financial year the company racked up a loss of $531,679 after tax. According to the company's financial statement the remaining equity value of the company was just $170,086. Not surprisingly the company stated that it "is currently considering capital raising activities".
In the financial year to the end of June 30, 2013 CEA had a paltry income of just $26,326 while total expenses were $558,005. Over 80% of the company's expenses for the year - $449,163 - were for "consulting".
A brief biographical note in the Coal Energy Australia financial report states:
- "Mr Trope is a CPA with 30 years experience in the accountancy profession and has been providing accounting, secretarial and business advice to a wide range of industries. He has held the position of Company Secretary in both public and private companies".
Articles and Resources
Related Sourcewatch articles
- “Coal Energy Australia: Current & Historical Company Extract”, Australian Securities and Investment Commission, 7 August 2013.
- Federal Minister for Industry Ian Macfarlane, Deputy Premier Peter Ryan and Victorian Minister for Energy and Resources Russell Northe, "Advanced coal projects to drive new jobs", Media Release, May 16, 2014.
- Coal Energy Australia, "Financial Report for the Financial Period Ended June 30 2013", March 2014, page 2.
- Coal Energy Australia, "Financial Report for the Financial Period Ended June 30 2013", March 2014, page 7.
- Coal Energy Australia, "Financial Report for the Financial Period Ended June 30 2013", March 2014, page 6.
- Coal Energy Australia Limited, "Financial Report for the Financial Period Ended 30 June 2013", March 2014.