A spokesman for the company, which has spent more than $40 million exploring for the project, believes that it will send a bad message for the state’s mining industry if the government takes back the licence.

“Some of the US investors...are very concerned about investing in NSW/Australia if the EL is expunged,” the spokesman told ILN.

There is growing speculation that the company will argue that it should be paid compensation if the licence for its major asset is revoked.

It says it acquired the Doyles Creek licence in good faith from former union boss John Maitland. The Independent Commission Against Corruption found that the licence was gifted to Maitland by his “mate”, former energy and resources minister Ian Macdonald.

“NuCoal is extremely disappointed with the recommendation from the ICAC Commissioner,” chairman Gordon Galt said.

“We continue to urge the Premier and the NSW government to consult with us directly before any decisions regarding EL 7270 [Doyles Creek] are made which would affect NuCoal and its 3400 shareholders.”