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

 


Bathurst shares plunge 19% on appeal news

Bathurst shares plunge 19% on appeal news

By Pattrick Smellie

April 12 (BusinessDesk) - Shares of would-be coking coal miner Bathurst Resources plunged 18.75 percent to 26 cents after the first appeal from environmental groups opposing an Environment Court decision upholding its Escarpment open-cut mine resource consents.

The announcement from the Royal New Zealand Forest & Bird Society and West Coast Environmental Network came less than a day after the company said it hoped to be mining by Christmas.

The long-delayed mine, planned for the ecologically fragile Denniston Plateau above Westport, won backing from the Environment Court on March 28 against appeals on the resource consents initially granted in August 2011.

The Forest & Bird appeal lodged in the High Court today relates to a technical aspect of the consents, relating to a mined-out area previously worked by state-owned coal miner Solid Energy.

Bathurst chief executive Hamish Bohannan told BusinessDesk the appeal should not be seen as triggering the four to six month delay he warned appeals would likely create in a teleconference to media and equity analysts on Thursday.

"It shouldn't have any impact on the timing," said Bohannan, who conceded that could depend on achieving a timely hearing. The Bathurst development has been dogged by delays, to the frustration of Australian shareholders used to faster, simpler decision-making.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Scoop Business: Embrace Falling Home Affordability, Says NZIER

Despair over the inability to afford a house is misplaced and should be embraced as an opportunity to invest in more wealth-creating activity, says the principal economist at the New Zealand Institute of Economic Research, Shamubeel Eaqub. More>>

Productivity Commission: NZ Regulation Not Keeping Pace

New Zealand regulators often have to work with out-of-date legislation, quality checks are under strain, and regulatory workers need better training and development. More>>

ALSO:

Callaghan Innovation: Investment To Help Deepen Innovation Reporting

Callaghan Innovation, the government’s high tech HQ for Kiwi business, is to help deepen New Zealand media coverage of the commercialisation of innovation through an arms-length partnership with independent business news service BusinessDesk. More>>

ALSO:

Tax Credits, Grants: Greens $1Bn R&D Plan

In the Party’s headline economic announcement, the Greens have launched their plan to build a smarter, more innovative economy which has as its centrepiece an additional $1 billion of government investment in research and development (R&D) above current spend, including tax breaks for business. More>>

ALSO:

Inflation: CPI Increases 0.3 Percent In June Quarter

The consumers price index (CPI) rose 0.3 percent in the June 2014 quarter, Statistics New Zealand said today. This follows rises of 0.3 percent the March quarter and 0.1 percent in the December 2013 quarter. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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