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

 

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>

BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>

Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>


BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Housing: More House Price Gains Expected

House price expectations remain high, with a net 56% of respondents expecting house prices will increase. Fears of higher interest rates are fading, consistent with the RBNZ’s signals this year. Affordability and a lack of houses for ... More>>

TDDA: State-Of-The-Art Drug Testing Laboratory To Open In Auckland

World leading drug testing agencies, The Drug Detection Agency (TDDA) and Omega Laboratories, open New Zealand laboratory More>>

Network: Bigpipe Launches Ultra-Fast Broadband Into Wellington

Bigpipe Launches Ultra-Fast Broadband into Wellington Naked broadband provider Bigpipe has extended its national reach, announcing today, the launch of its unlimited UFB offering into Wellington. The Spark Venture business is giving Wellingtonians the ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news