Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Bathurst chairman slams never-ending appeals in NZ system

Bathurst chairman slams never-ending appeals in NZ system

Nov. 20 (BusinessDesk) - Bathurst Resources chairman Craig Munro has thanked shareholders for their patience as the would-be Denniston Plateau coal miner deals with "what seems like the never ending appeals process that allows minority groups to stifle development in New Zealand."

Speaking at Bathurst's annual meeting in Sydney, Munro bemoaned the appeals mounted by environmental objectors to the company's plans for open-cut mining of high grade coking coal on the previously mined and ecologically significant plateau above Westport.

"This is obviously very time-consuming, costly and non-productive from both company's and the majority of New Zealanders' point of view, but under current legislation necessary."

The company was "actively working to reach a settlement with the appellants", the Royal Forest and Bird Society and a West Coast environmental action network opposed to coal mining.

Neither objector has given any indication a negotiated settlement would be possible.

"It is only once we reach our target production profile and our borrowing facilities have been repaid that dividends could potentially start to flow to our shareholders," said Munro.

However, the company remained optimistic that appeals currently being heard on both resource consent issues and climate change impacts would be cleared away in the first half of next year, to allow production to being in mid-2013.

The Buller coal project is targeting 1 million tonnes of coal a year from its first mine, Escarpment, and ultimately is targeting 4 million tonnes a year by 2018.

Munro noted political support for the project from Prime Minister John Key.

"Political leaders both want and need us to succeed," he said.

Bathurst has faced criticism and impatience, particularly from Australian shareholders accustomed to less complex resource consenting processes. Its shares were steady today at 44 cents, and have traded between $1.10 and 36 cents in the last 12 months.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Season Ends: Is Whitebaiting Sustainable?

The whitebait fry - considered a delicacy by many - are the juveniles of five species of galaxiid, four of which are considered threatened or declining. The SMC asked freshwater experts for their views on the sustainability of the whitebait fishery and whether we're doing enough to monitor the five species of galaxiid that make up whitebait. More>>

ALSO:

Crown Accounts: Smaller-Than-Expected Four-Month Deficit

The New Zealand government's accounts recorded a smaller-than-forecast deficit in the first four months of the fiscal year on a higher-than-expected inflow of corporate and goods and services tax. More>>

ALSO:

On For Christmas: KiwiRail Ferries Back In Full Operation After Quake

KiwiRail’s Interislander ferries are back in full operation for the first time since the Kaikoura earthquake, with the railspan that allows rail wagons to be loaded on the Aratere now restored. More>>

ALSO:

Comerce Commission Investigation: Prosecutions Over Steel Mesh Labelling

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

ALSO:

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news