INDIAN-OWNED mining company Lanco Infratech is in serious financial debt.
The company has been seeking to sell its assets after reaching a debt restructure with banks last year to try to pay off a reported $6 billion in debt.
One of options being considered is the sale of Griffin Coal.
Coal acquisitions in Australia by foreign companies have soured as prices for the fuel fell for three straight years.
"Should any sale process be initiated we, on behalf of workers, would seek as a transmission of business, the workers entitlements be transferred with the mine to any new owner," Construction, Forestry, mining and Energy Union district secretary Gary Woods said.
