I would expect the share price bounch up a lot if Bathurst wins and without additional demands for spending on conservation. At the end of day people need to earn their living.
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To listen the broadcast with its Managing Director by clicking the followin g link:
http://www.brrmedia.com/event/112166
TVNZ- Denniston mining appeal dismissed
Bathurst Resources has beaten off another appeal by environmental groups seeking to stop it mining for coal on the Denniston Plateau on the West Coast.
In the High Court in Christchurch, Justice John Fogarty turned down an appeal by the Royal Forest & Bird Protection Society against the Environment Court's preliminary decision not to look at the cumulative impact of Bathurst's proposed mine and a Solid Energy permit for a separate site.
A cumulative analysis would be difficult to do because the area hasn't been mined for a long time, and the authorities would have to consider a detailed current application ready for processing against an intention to reactivate a long-standing modified licence.
The Resource Management Act doesn't provide for applications that may rival each other to be heard together, the judge said.
"This feature of the Act is the source of the hard answer to the otherwise very powerful proposition of Forest and Bird, that if cumulative effects are not considered now, they never will be," the judge said. "In this case, this is a consequence of the fact that the RMA does not provide for comparative or joint hearings of applications which generate cumulative effects."
The decision clears the way for the next Environment Court hearing on June 12, after Bathurst were given Department of Conservation clearance to mine the plateau last month.
Bathurst's South Buller mining plan sees the company taking around 1 million tonnes a year over five years from Escarpment, with Whareatea West contributing another million tonnes. It is targeting production of 4 million tonnes a year once two other mine projects in the North Buller are developed.
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Share price jumps to 25 cents when its share trading resume on NZX?
It was Burthurst that reacted too slow. They should had prepared two versions of market news release in advance and notified the stock exchanges the applicable one immediately after the justice announced his decision. I do not understand why Bathurst has not released the news when everyone else has known it.
Too harsh by far...there is another decision yet to come in a couple of days, so a TH is warranted. Anns take 20 mins to be processed by NZX. The Courts pay no heed to the requirements of listed companies NZX obligations
what evidence do you have of overpaid, incompetent management?
Does their business model really rely that much on the outcome of the Denniston mine? Ie is that the only thing going or could they survive quite nicely without approval in New Zealand?
Thanks Macduffy, I am in the process of doing research. I have heard what you have said. My brother was approached by Bathurst a year or so ago but then the courts delayed the project etc. But he seems to think its a good thing. Dipped my toes in a few days ago and will have a closer look. It just looks funny that its a predominantly Australian listed entity with its major project hinging on NZ enviro outcomes.
Bear in mind that its in the process of moving its domicile to NZ! OK, probably partly for "political" reasons but also being realistic about its business.Quote:
It just looks funny that its a predominantly Australian listed entity with its major project hinging on NZ enviro outcomes.
Disc: I have a few BTU left over from a previous, largely successful holding but doubt if I'll get involved again. Too difficult, too much risk - for me.