Startup's purchase of Queensland coalmine avoids environmental scrutiny
by Joshua Robertson from on (#13PGN)
A loophole could mean a company that raised just $750,000 to buy a mine with a $120m clean-up liability does not need to seek a new environmental permit
A loophole in Queensland mining laws could allow a startup company to avoid government scrutiny of its suitability to operate a coalmine with a $120m-plus environmental liability after raising less than $750,000 from investors.
Batchfire Resources has inked a deal to buy Callide mine that may also not require it to seek a new environmental permit, sparing it from a possible hike in the amount of money it must guarantee for site rehabilitation should it go under.
