Duralie comment extension at awkward time for Gloucester

THE public is being given additional time to comment on proposed longer operating hours at Gloucester Coal’s Duralie coal mine in the New South Wales Upper Hunter Valley as the company tries to bed down a proposed $8 billion merger with Chinese giant Yanzhou’s local arm Yancoal.
Duralie comment extension at awkward time for Gloucester Duralie comment extension at awkward time for Gloucester Duralie comment extension at awkward time for Gloucester Duralie comment extension at awkward time for Gloucester Duralie comment extension at awkward time for Gloucester

Gloucester Coal's Duralie mine.

Lou Caruana

Gloucester subsidiary Duralie Coal is seeking approval to extend the operating hours for receiving and dispatching coal on a haulage train which operates between the Duralie and Stratford mines.

The mine currently has approval for haulage train operations for 15 hours per day, from 7am to 10pm. It is seeking to modify the approval to allow operations for 19 hours each day, between 6am and 1am.

The environmental assessment for the proposed modification was publicly exhibited by the Department of Planning and Infrastructure from March 7-23 and the proposed modification will now be re-exhibited from April 11-27.

“Additional documents referred to and referenced in the EA, which were not publicly available during the initial exhibition period, will be available during the re-exhibition period, while the EA has also been amended to provide greater clarity about changes to the conditions of approval,” the department said in a statement.

“Interested members of the public are encouraged to lodge a submission providing feedback during this time.”

The proposed merger with Yancoal is believed to be struggling amid uncertain economic conditions. Last month Federal Treasurer Wayne Swan approved the proposed merger, which would position Gloucester as one of Australia’s largest independent coal mining companies.

Swan said the merger would allow Yancoal's parent company, Yanzhou, to achieve a listing of its Australian operations by the end of 2012, a condition of its acquisition of Felix Resources Limited in 2009.

He said he would extend the time required for Yanzhou to reduce its ownership of Yancoal to below 70% in light of “sustained volatility in global financial markets.”

The merger remains subject to Foreign Investment Review Board approval, Yanzhou shareholder approval and various other Australian and Chinese regulatory approvals.

topics

loader