Aston Resources: Maules Creek Tenement Approval Ongoing
27 Abril 2011 - 3:23AM
Noticias Dow Jones
The approval process for the largest tenement at Aston Resources
Ltd.'s (AZT.AU) Maules Creek project has yet to be fully clarified
following a change of government in Australia's New South Wales
state, the coal developer said Wednesday.
In a quarterly report, Aston said it had lodged a development
consent and mining lease renewal in February for CL375, a tenement
covering the southern part of the Maules Creek project. That was
expected to be assessed under existing regulations, but "following
the change in government, the definitive planning and approval
process is not yet fully clarified", Aston said.
The incoming coalition government in New South Wales, one of the
world's largest coal export basins, has pledged to review several
licenses granted to miners under the previous government.
White Energy Co. Ltd. (WEC.AU) earlier this month called off a
planned A$500 million acquisition of privately-owned Cascade Coal
Pty. Ltd., saying that ongoing reviews had raised uncertainty about
whether the project could go ahead.
Aston bought Maules Creek--its sole significant asset--from Rio
Tinto PLC (RIO) for A$480 million in November 2009, but the company
is now valued at A$1.97 billion.
-By David Fickling, Dow Jones Newswires; +61 2 8272 4689;
david.fickling@dowjones.com
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