Wollongong Coal is in a "dire financial position", according to testimony made at a Fair Work Commission hearing.
In the same testimony Wollongong Coal CEO Mitchell Jakeman appeared to suggest that God played a hand in climate change.
In late January, the commission sat at the Wollongong courthouse to hear an application from Wollongong Coal to terminate an expired enterprise agreement at its Russell Vale mine.
During the hearing, Commissioner Bernie Riordan questioned Wollongong Coal's legal representative Ken Brotherson about the financial situation of the coalminer.
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Mr Brotherson said, for the nine-month period to December last year, the company's revenue declined by 87 per cent - a loss of $76.2 million.
He also said documents before the commission "really just still confirms the dire financial position of the company in terms of significant losses, significant borrowings from a major shareholder on which large interest payments are payable".
In questioning, Mr Jakeman said the company had recently restructured its financial situation with its lenders and received a long-term guarantee.
"We are getting good support from creditors," he said.
Commissioner Riordan quoted from an ASIC regulatory guide to insolent trading, suggesting that Wollongong Coal may be meeting several of the warning signs for potential insolvency.
"What comfort can you give me that the company is not insolvent?" Commissioner Riordan asked.
Mr Jakeman declined to answer and the commissioner withdrew the question.
The focus shifted on the miner's attempts to get approvals to recommence operations at Russell Vale, Mr Jakeman saying they were "absolutely critical".
"If we don't get the approvals, then there is no production," Mr Jakeman said. "If there is no production, there is no revenue."
The commissioner sought clarification that the coking coal mined by Wollongong Coal was for steel-making and not electricity, and added that it "dissipates" any climate-change related argument around its work.
Mr Jakeman responded by taking a swipe at climate activists, appearing to imply that God's hand was at play.
"Climate change adversaries, they do not want any coalmine irrespective of coking or thermal because because they just don't understand it," Mr Jakeman said.
"They do not understand that there are whole range of things the climate change is changing because that's what God does every day.
"What we can contribute to man time than what we contribute to natural events seems to be a forgotten argument."