May 22, 2017
The Kingaroy Concerned Citizens Group says a recent statement submitted to the ASX by Moreton Resources about its Kingaroy coal mine contains “errors and generalisations” that could mislead investors.
The ASX statement, which was issued by Moreton Resources last Monday, says a selection of land the company has studied contains pest species, is abundant in weeds and highly eroded.
It also says its sample is “reflective of the quality of land and the potential impact such a project is expected to have”.
However, local residents and farmers who have farmed the land for decades believe the assessment is flawed and misleading and, if unchallenged, could undermine the community’s opposition to the mine being built just a few kilometres from the edge of town.
The KCCG says the roadside area sampled by the company is not high in weeds, pests and erosion, nor is it reflective of the area to be mined.
At a recent meeting, the KCCG identified several statements which they think contain errors of judgment and “unsubstantiated generalisations” that are potentially misleading.
The KCCG believes that:
KCCG spokesperson John Dalton said while the group cannot speculate on the reasons for the errors, they believe the statement could mislead investors by suggesting the mine would replace an area degraded by weeds, pests and erosion.
Mr Dalton said the statement also added to local fears Moreton Resources did not respect the area’s social, economic, environmental and cultural values when it painted such an adverse picture of the land to be mined.
“The proposed mine would be located on some of the most carefully farmed and productive farmland imaginable,” Mr Dalton said.
“It is of such beauty that it will soon be the subject of a major art and photography project aimed at capturing its character in the event the mine is approved.”
He added the group was confident the State Government, the Co-ordinator General, and the Kingaroy community was up to the task of evaluating the quality of information from the company.
The KCCG has referred its concerns to the ASX and to the Australian Security and Investments Commission.
[UPDATED with correction]