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

 

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news