In September BRL was cleared to buy just under 80 acres (31.5 hectares) about 2k from its Canterbury coal mine. BRL plans to install mining infrastructure on the land to mine the neighbouring area. Eventually the land itself will be mined (subject to resource consent being granted) lengthening the life of the mine from 2022 to 2035 existing jobs will be retained and new jobs created.
BRL had been expecting to deliver about 150,000 tonnes from the mine, 10% more than the year before. Consideration for the land is $680,000NZ.
Significantly the conservation minister who oversees the OIO (OIO approved the mine) did not interfere as she has done in the past. Could this be a realistic assessment of the energy requirements for Synlait and Fonterra. (There is no satisfactory energy substitute) or could it be political considerations with an election only a year away, or both.
BRL Price at posting:
9.4¢ Sentiment: Buy Disclosure: Held
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