With all those paid spruikers and Ibankers hard to believe this was an oversight. Perhaps done last minute to keep the tree huggers at bay. No point launching an IPO when the greenies are beating you around the head creating bad vibes for all..........
******************************************************** Last-minute coal lease bid by mining magnate Palmer Andrew Fraser From: The Australian May 31, 2011 12:00AM
QUEENSLAND mining magnate Clive Palmer waited until yesterday morning to apply for a mining lease over the area where he plans an $8 billion coalmining project.
Mr Palmer's company, Resourcehouse, is planning to list on the Hong Kong Stock Exchange some time this week after raising $3.6bn to fund the development of a coalmine in the Galilee Basin in central Queensland and an iron ore project in Western Australia to supply China.
The Resourcehouse prospectus points out that one risk for the project is in securing timely government licences to allow the mine to go ahead, but public records show that the only government permit that Mr Palmer's company has over the area he wants to mine in the Galilee Basin in central Queensland is an exploration permit.
Under Queensland legislation, an EP is only the first step towards constructing a mine, with the next being a mineral development licence and then a mining lease, which bestows an authority to actually start mining.
The company that originally held the leases and was taken over by Mr Palmer, Waratah Coal, has held an EP for several years over the land known as the "China First" project.
But Queensland Department of Mines and Energy records show the company applied for a MDL only on the previous Monday, while the application for a ML was not lodged until 9.30am yesterday at the department's offices at Emerald in central Queensland.
According to the prospectus, Mr Palmer intends to start developing the mine site by the end of this year, but there are only seven months left in the year, and it is unlikely a full ML could be granted in this time.
Even if Resourcehouse can complete the necessary environmental impact statement and other documentation by year's end, the process allows for the public to appeal against a project, and there are almost certain to be some public appeals.
Conservationists have recently lodged a legal appeal against another proposed coalmine in Queensland, Xstrata's Wandoan project.
The Resourcehouse prospectus claims that an EIS must be completed before an ML can be applied for, but a Queensland government spokesman said this was not a legal requirement, and the two processes were generally run at the same time.
ARH Price at posting:
33.5¢ Sentiment: Hold Disclosure: Held
