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

 

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news