Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Australian Pacific Coal dropped as much as 47 per cent this morning after announcing the NSW IPC rejected a five year extension for its Dartbrook coal mine.
  • The current contract ends December 5, 2022
  • The Commission said the extension was not in the public interest and would not be in line with the ecologically sustainable development or inter-generational equity

Australian Pacific Coal dropped as much as 47 per cent this morning after announcing the NSW Independent Planning Commission (IPC) rejected a five year extension for its Dartbrook coal mine.

Last year, Australian Pacific applied to restart a thermal coal mine in New South Wales but IPC has not approved the five year extension with the current contract ending December 5, 2022.

The Commission said the extension was not in the public interest and would not be in line with the ecologically sustainable development or inter-generational equity.

“The impacts relating to air quality, noise, subsidence, groundwater and greenhouse gas emissions have not been fully considered in this application,” it stated.

This ruling follows the state’s land court ruled against developers planning on building a mine in the same region in February. This shows the Australian authorities are getting strict on coal mine approvals.

The company said it will review and consider the reasons for the decision and assess all options.

Australian Pacific Chairman John Robinson is disappointed IPC rejected the application.

“The application was subject to significant support and scrutiny from the local community and we will endeavour to work closely with all stakeholders as we embark on the next phase for Dartbrook,” he said.

Lawyers said the application failed partly due to a lack of information and Australian Pacific could contest the decision.

The Dartbrook mine is located in Hunter Valley, New South Wales and is surrounded by BHP and Wesfarmers projects.

The mine was placed on care and maintenance in late 2006 due to operational difficulties and lower coal prices.

AQC by the numbers
More From The Market Herald

" EQ Resources (ASX:EQR) wraps up drilling at Mt Carbine

EQ Resources (ASX:EQR) has completed the phase one drilling program at the Mt Carbine Tungsten Mine…

" Sunshine Gold (ASX:SHN) grows rare earths scale at Elphinstone Creek

Sunshine Gold (ASX:SHN) grows the scale of neodymium and praseodymium rare earths.

" Image Resources (ASX:IMA) updates resource estimates at McCalls

Image Resources (ASX:IMA) has provided an update to the mineral resource estimate (MRE) of its recently…

" Kogi Iron (ASX:KFE) closes underwhelming share purchase plan

Kogi Iron (ASX:KFE) has closed its share purchase plan, raising $234,000 to fund upcoming work at…