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Another Step For Moreton Resources

18 August 2016 Filed under Breaking News, Business, Front3, Latest News Posted by

Moreton Resources managing director Jason Elks ... ticking off another box on the way to a mine application

August 18, 2016

Moreton Resources – the company hoping to build an open cut coal mine in the Coolabunia / Goodger area – notified the ASX on Thursday that the proposal had been declared a “Coordinated Project” by the State Government.

“This is a significant advancement for the company who (sic) has spent the past few months negotiating a path forward for what is a potentially significant project for the South Burnett region,” Managing Director Jason Elks said in the statement to the ASX.

“A copy of the Initial Advice Statement is available on the company’s website and we encourage the market to view that extensive document.

“This comes on the back of a notification from the Commonwealth Department of Environment and Energy that the project has also been declared a ‘Controlled Action’ as per the application put forward by the fully owned subsidiary Tarong Basin Coal Pty Ltd.

“Both of these initial declarations now allow the company to advance this prospective project.

“It is expected that over the coming 12-24 months, a number of legislative approvals processes will be undertaken and as such, the company will keep stakeholders advised upon its advancements as this process continues.

“The company is seeking to advance this important project while maintaining our fundamental commitment to engage, consult and liaise with the community within the South Burnett and as such will endeavour to continue to progress community consultation and awareness.”

On August 1, Moreton Resources notified the ASX it had lodged the application with the Queensland Coordinator General’s Office.

“This is on the basis that the company believes the size and scale of the project, the investment required, and the positive economic impacts predicted are fitting of the legislative parameters for such a declaration,” Mr Elks said in the ASX statement.

“As such, the company has been in talks since May 2016 with the Department of State Development through the Office of the Co-ordinator-General and the finalised application was submitted in late July 2016.”

External links: 

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Moreton Resources also released its 2016 Annual Report to the ASX on Thursday. The document can be downloaded here (19Mb PDF)

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2 Responses to Another Step For Moreton Resources

  1. Ben Rankin
    21 August 2016 - 7:46 pm

    Southburnett.com.au, I think it is important to note, that the Company is in Financial dissarray, with a touch over 8 million dollar bill to the ATO hanging over its head. The Company has disputed this an through a Tribunal these funds have been deemed NOT eligible as Research and Development, and as previously claimed through the Tax System, these are now owed back to the Australian Tax Office. The Company is still disputing and another date in Jan 2017 has been set for further action. These points are also in the Company release, and clearly affects the previously reported Financial Statement the Company claimed. Raising the accumulated Debt on the Company, to the vicinity of around 71 Million Dollars, previously stated as 63 Million.
    Also, the Article has as the last statement by Mr Elks, as application submitted in late July, this as according to the State Government data, is false, it was submitted for Coordinated Project, on the 8th of August.
    Whilst the sales pitch may sound grand for the area there is a mass of information that are being left out. And as informed, I ponder how the area feels about their Water being tainted with chemicals, one being Arsenic, that the Company admits, could be released into Water Catchments….

    Reply
  2. Nanna Dot
    23 August 2016 - 12:18 pm

    I can’t understand why Moreton Resources are still trying to push ahead with this mine. Who would buy shares as so many fingers were burnt last time when it was Cougar. The shares are worth very little and the company is up to its eyeballs in debt. Who in their right mind would want to build an open cut mine, on a hill in a beautiful farming area so close to a town. It just doesn’t make any sense to me.

    Reply

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