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

 


Green light imminent for Bathurst's Escarpment mine

Green light imminent for Bathurst's Escarpment mine

By Pattrick Smellie

Aug 8 (BusinessDesk) - Bathurst Resources says it's received notice from the Environment Court that it will approve the company's long-delayed and environmentally controversial application to do open-cast mining for coking coal on the Denniston Plateau.

Bathurst had been in trading halt since yesterday afternoon. The shares did not move from the last traded price of 20 cents immediately following this morning's announcement.

Managing director Hamish Bohannan said in a statement to the NZX the court had informed parties that "consent is indicated for the Escarpment mine project, subject to final minor drafting on conditions of consent."

There was a 10 day deadline to conclude those issues, after which "we expect to receive consents as soon as the court has had time to consider that further information."

"Once consent is granted, Bathurst can move to the first stages of operations."

Bathurst plans eventually to take as much as 4 million tonnes a year of the high grade coking coal, used in steel-making, from the Buller coal fields, with the Escarpment mine being the first of several planned for ecologically fragile uplands above Westport. Resource consents were initially granted in August 2011, but faced numerous challenges, led by the Royal Forest & Bird Protection Society.

The court required Bathurst to negotiate stronger commitments to environmental protection and clean-up, and the final remaining matters related mainly to rehabilitation obligations and the proposed Denniston Permanent Protection Area.

"The company is required to use 'best endeavours' to achieve an appropriate protection mechanism for this area," said Bohannan. "The court has expressed a preference for the local councils to be the suitable body to certify this has been the case."

Forest & Bird still has one outstanding attempted appeal against the proposal. It sought special leave from the Court of Appeal to look again at whether a permitted Solid Energy mine, known as the Sullivan Block, should have been considered as a factor in the resource consent application.

Both the Environment and High Courts have rejected this argument, reasoning that a mining permit is not sufficient to begin mining and that a resource consent would be required.

Bathurst's experience of delays has been a bugbear to its many Australian shareholders, who are accustomed to far faster consent decisions.

The share price has gained 21.9 percent in the last month, but has traded as low as 13 cents a share in the last year, compared with prices above $1.80 a share in early 2011.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Drones: First Certificate Issued Under New UAV Rules

Transport Minister Simon Bridges and Associate Transport Minister Craig Foss say the first certified flight of an unmanned helicopter under new aviation rules is a great example of how they can enable commercial use. More>>

ALSO:

GE Swedes And Cow Deaths: Plant Analysis Backs Up Earlier Advice

The industry body is recommending that farmers do not feed Herbicide Tolerant (HT) swedes to cows in spring when the animals are in late pregnancy or early lactation. DairyNZ is also advising caution if farmers are considering other leafy varieties. More>>

ALSO:

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news