Bathurst shares plunge 19% on appeal news

Denniston Plateau on the West Coast

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

The announcement by 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 Mr 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)


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6 Comments & Questions

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Who pays for Forest and Bird to mount these appeals?
Not the taxpayer is it?

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I agree. Where does the funding come from? Should the media investigate and disclose the source.

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Why don't you join Forest & Bird and find out for yourself. May be the best $100 you have ever spent.

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No doubt Forest and Bird are well shielded from compensation claims but what about the management on a personal basis. Clearly, this whole thing has become vindictive and petty.
The small claims court can award up to $5000 damages.
Is there any possibility that shareholders as individuals could take some of these people as individuals to the small claims court for compensation?

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From the F&B web site...
"We are not a government organisation and do not receive government funding – we rely on the generosity of our members’ subscriptions, donations and bequests to carry out our conservation work."

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How can I donate to help pay for legal action?

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