The Mining and Energy Union welcomes news that billionaire Sanjeev Gupta is preparing to sell the Tahmoor Colliery operated by SIMEC, a subsidiary of the Gupta Family Group Alliance.
Workers at Tahmoor underground mine in NSW have been off work since last Friday after operations were halted due to the group's financial woes.
The mine employs up to 700 workers including direct employees and contractors.
MEU South Western District President Bob Timbs said Tahmoor needs a reputable owner that can operate the valuable asset reliably and safely.
"Tahmoor has a loyal workforce and an excellent track record. It produces high-quality steel-making coal that the world needs," said Mr Timbs.
"The mine has been used as a cash cow to fund debts across the group, including at Whyalla. Frankly, workers are sick of the drama that has come with Gupta's ownership.
"Tahmoor is a major employer in the region. It will be an excellent asset for the next owner. For the sake of the workers, the community and the south coast coal industry – we hope the next owner brings stability and certainty back to the mine."
