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BTU - Bathurst Resources

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Yes, good news.

There is of course a fine line between committing enough production to ensure that the project gets off the ground without discouraging other parties who might pay more, or even, make shareholders an offer for the whole company that we couldn't refuse.

All speculation on my part and I'm sure that Bohannan and Co are up with the play on this.

 
Consent hearings for BTU's Buller Project begin TODAY.

Buller Mayor Pat McManus is in favour. Buller District Council and West Coast Regional Council both support the mine, saying environmental and other impacts can be mitigated.

Royal Forest & Bird Protection Society of New Zealand against.

DoC says it is neither for nor against the mine, although it has pointed out environmental issues that need mitigation.

http://www.radionz.co.nz/news/business/77145/buller-coal-mine-hearing-begins
 
Thanks for the update OB,

The SP has taken a hammering over the last three days.

Fridays volume was on the large side too.

It looks as though there could be a test of support at .90 - .92 unless we see a ST bounce
 
Bathurst has announced an agreement with NZ Govt owned Solid Energy for a facility sharing agreement, which in essence, optimises facilities owned by both companies, therefore minimising environmental implications by eliminating some duplicity. The agreement provides for collaborative mine planning and designs on the plateau where the two companies have common boundaries, jointly planned access to water, space where available for Solid to use Bathurst's slurry system for bringing coal off the plateau, and rights for Bathurst to put some facilities inside areas covered by Solid Energy's coal mining licences.

http://www.asx.com.au/asxpdf/20110622/pdf/41zbrlg8j42hq1.pdf
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10733750

I wonder if this announcement has been made in time to be put before the hearing commitee?

What's your reading of the play so far oldblue?
The greens look to be pulling out all the stops at the consent hearing, especially banging on about climate change, even though CC can not be taken into consideration as part of the decision to allow or not allow mining to commence.
 
The Collaborative Agreement is good news and the timing is " convenient" to say the least. Co-operating with Solid Energy will minimise the proliferation of the two companies' facilities and impact on the wider area.

It's also a positive boost for the Lyttelton Port Company which has been badly affected by the earthquakes and the loss of Pike River Coal's tonnage.

Opposition from the Greens was always going to be fierce once the consent hearing commenced but I'm cautiously optimistic that the project will eventually get the green light, probably with some caveats on operation or other concessions.
 

Have you seen the AFR piece?

http://www.afr.com/p/opinion/bathurst_emerges_from_battlefront_yYBDc89vMEUrLStr1O5EJN

It says:

Hearings wrapping up; BTU has been hit hard re share price, but if anecdotal evidence is an indicator, things may be looking up.

Originally 42 objections. BTU whittled them down to 12. Only 4 of them have turned up to hearings, and so far, none of them have been "show stoppers".

Hearings are expected to last 3 weeks. Some complainants have asked for an extension because they didn't get their submissions in on time.

Shares in BTU have increased by 559% over the past year (GASP FROM ME!) as BTU moves towards development. BTU was entered into the ASX200 last week.

Talk is BTU remains confident of a positive outcome, despite the attention of the Coal Action Network environmental group, which is opposed to any new or extension of existing coal mining due to greenhouse gases.

BTU is expecting first production in late 2011.
 
Thanks, springhill. A comprehensive analysis.

Meanwhile, it's been announced that the resource consent hearing will reconvene on 6 July.
 
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