Time running out to rescue 1800 jobs for Gladstone

TIME is running out to raise the necessary funds to start the rescue process to create 1800 permanent jobs in Gladstone.

By midday Friday the Boulder Steel rescue group, which currently has funds of almost $20,000, will need to receive a further $30,000 from the community.

The group needs to deposit $50,000 with the administrator of Boulder Steel, Nicols and Brien, as the first step in reclaiming the project for Gladstone.

The administrator has declared a 3pm Friday deadline to lodge papers.

Rescue group spokesman Paul Sundstrom said after the initial deposit is made, further money will be required to fund the Deed of Company Arrangement and take control of the company.

Q&A with Boulder Steel rescue group co-ordinator Paul Sundstrom

He said the amount required to do this is far less than the figure of $2 million, which would be then required in following months to complete the EIS study and finalise agreements with joint venture partners, preceding the raising of $20 million on the stock market that would enable construction to begin.

"This project is achievable. It will mean the difference between Gladstone having or not having jobs for 1800 people in the operational stage, and it could well take up jobs which will be lost as the construction of the LNG plants ends," he said.