Australia’s Whitehaven Coal PINK:WHITF shares rise on federal approval for Maules Creek project
Australia’s Whitehaven Coal PINK:WHITF shares rise on federal approval for Maules Creek project
Shares in Australian coal producer Whitehaven Coal ASX WHC jumped more than 10% in early trading Tuesday after the company received the conditional Federal Government approval for its Maules Creek Coal Project in northwest New South Wales.
Whitehaven Coal Managing Director Tony Haggarty Tuesday welcomed the approval granted by Federal Environment Minister Tony Burke Monday, saying the company looks forward to working with the federal environment department in relation to the approval conditions.
“In particular we are pleased that the Minister has now stated that based on the conditions laid down he is satisfied the project can proceed without unacceptable impacts on matters protected under national environmental law,” said Mr. Haggarty in a statement.
“Notwithstanding the stringent environmental conditions which have been placed on the project and the difficult coal market at present, this is an excellent project and Whitehaven will be seeking to bring it into production as soon as possible.”
The approvals remain subject to strict conditions requiring wildlife corridors, limits on the clearance of native vegetation and a total investment of AUD 2.5-M (US$2.56-M) in rehabilitation research for threatened species.
Whitehaven shares were up 0.24, or 8.11%, to AUD 3.20 by 1200 Noon local time Tuesday.
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Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
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