Sparty
03-13-2010, 02:20 AM
Court ruling sparks fears for coal exploration
Posted Fri Mar 12, 2010 10:28am AEDT
Map: Newcastle 2300 (http://www.abc.net.au/news/maps/map.htm?lat=-32.9298&long=151.7828&caption=Newcastle%202300)
The New South Wales Minerals Council says it fears for the future development of the Hunter's coal industry in the wake of a landmark Supreme Court ruling.
The judgment against BHP Billiton over land access means all parties with an interest in a property must be consulted before exploration begins.
It includes financiers and the owners of infrastructure such as power, water and telecommunications.
Minerals council chief executive, Dr Nikki Williams, says the decision has virtually stopped exploration for new resources.
"Until all of those land access agreements can be re-negotiated. This will definitely slow, if not close the exploration pipeline, if you don't have a pipeline for development activity, whether that's mine extensions or future investments, you effectively strangle your industry," she said.
That leaves Metagasco ASX Code: MEL (http://www.australian-shares.com/mining/MEL) in a powerful position as it has recently dramatically increased its' 2P and 3P gas resources and now places it as NSW premier gas resource. "With its growing certified natural gas reserves close to energy markets and plans for electricity generation, Metgasco is planning on becoming a major supplier of gas to eastern Australian energy markets."
Posted Fri Mar 12, 2010 10:28am AEDT
Map: Newcastle 2300 (http://www.abc.net.au/news/maps/map.htm?lat=-32.9298&long=151.7828&caption=Newcastle%202300)
The New South Wales Minerals Council says it fears for the future development of the Hunter's coal industry in the wake of a landmark Supreme Court ruling.
The judgment against BHP Billiton over land access means all parties with an interest in a property must be consulted before exploration begins.
It includes financiers and the owners of infrastructure such as power, water and telecommunications.
Minerals council chief executive, Dr Nikki Williams, says the decision has virtually stopped exploration for new resources.
"Until all of those land access agreements can be re-negotiated. This will definitely slow, if not close the exploration pipeline, if you don't have a pipeline for development activity, whether that's mine extensions or future investments, you effectively strangle your industry," she said.
That leaves Metagasco ASX Code: MEL (http://www.australian-shares.com/mining/MEL) in a powerful position as it has recently dramatically increased its' 2P and 3P gas resources and now places it as NSW premier gas resource. "With its growing certified natural gas reserves close to energy markets and plans for electricity generation, Metgasco is planning on becoming a major supplier of gas to eastern Australian energy markets."