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)