Temple, Pacific Resources and Incitec Pivot have representatives...

Temple, Pacific Resources and Incitec Pivot have representatives on the board, so would have a better understanding of the situation than we do. $20M can only be interpreted as a vote of confidence in the eventual resolution of the DERM matter, and in the circumstances, their price of 33c is looking around the mark. This is significant funding for capital expansion, not just to keep the lights on.

I spoke to the company representative on Friday, and they hadn't received any formal advice from the Department. As at that time, they were still expecting a decision in January.

People are being highly-irrational. Not much from the weekend changes what we already knew: DERM is investigating whether a breach of the Environmental Protection Act occurred in relation to a spill of surface waste water at Bloodwood Creek. The company has advised that the spill was immediately cleaned up, but not reported within the required timeframe. DERM has stated that repeated testing has shown that the spill did not result in any ongoing environmental harm.

If DERM seeks a penalty, my guess is that it will be for failing to notify during required timeframe. Research suggests that failure to notify and/or unauthorised release of a contaminant to a waterway are typically misdemeanor offences. Fines could apply, but anything else would be highly unusual. DERM will have been seen to be 'tough', and the project will be allowed to continue.

On Friday, I was expecting CNX to be okayed with conditions and a trip to the Magistrate for a fine. This is still the situation as far as I'm concerned, except that we may need to wait a bit longer for it. Not an ideal outcome, but could be worse, and in any case, would be a memory once the Bloodwood Creek Plant is commissioned and groundwork begins on the Chile project.

I'm holding, and like you Maxineamillion, may pick-up some more if there is any panic selling.

IMO