Hi Bernard99. Yes it may be the right move.....in time.
Certainly the value of the coking coal there is only increasing as time ticks by and the the price on the world markets goes up.
Obviously the local council would like to see it developed and no doubt the Government has to see it as desirable not only for the West Coast region but also for the New Zealand economy generally.
No doubt, as Gerry Brownlie indicates in the article, the Government will await the findings of the investigation into the mine disaster before making any substantial comment. But given the explosion, unless they can come up with 100% foolproof methods to prevent that happening again, then going open cast is the most likely way to develop the resource in the future. A case of being wise after the event. Wisdom now,however, does not bring back 29 miners or provide comfort for their families unfortunately.
It may be well into next year before they decide to go opencast.
PRC Price at posting:
61.0¢ Sentiment: None Disclosure: Held
