Australia Court Rules Against New Hope Coal’s Acland Mine Expansion, Queensland
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An Australian court on Wednesday said it would recommend against the granting of a lease to allow New Hope Coal to expand its Acland thermal coal mine in Queensland state.
The expansion by New Hope, first proposed in 2007, would lift production to 7.6 million tonnes per year, from 4.6 million tonnes currently, and extend the mine’s life by about 12 years.
The expansion has faced strong opposition from farmers, who fear it would lower water aquifer levels.
New Hope said it was reviewing its options, with the final decision now in the hands of Queensland’s mines minister and Department of Environment and Heritage Protection.
New Hope, whose shares were halted ahead of the court ruling, closed at A$1.82 on Tuesday, giving the company a market capitalization of just over A$1.5 billion ($1.12 billion).
Source: (May 31, 2017) The Times of India
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