Mount Penny sale sign of confidence: BVPA

Article in Mudgee Guardian - 3 Jan 2011

Mount Penny sale sign of confidence: BVPA

Confirmation of White Energy’s decision to purchase the Mount Penny exploration licence from Cascade Coal for $500 million indicates approval for the coal mine is a given, according to Bylong Valley Protection Alliance (BVPA) Interim Vice President Stuart Andrews.

Minister for Planning Tony Kelly last week rejected BVPA claims that the approval for the Mount Penny coal project was being “rushed through” ahead of the state election.

At the same time, White Energy announced it would exercise its option to acquire Cascade Coal, subject to regulatory approval and approval by White Energy Shareholders.

“The decision shows the degree of confidence White Energy has that the Mount Penny mine will proceed,” Mr Andrews said.

“It makes a mockery of due process with regard to objective consideration of any future application for a mining lease in the area.

“When you spend half a billion dollars, you’re not expecting ‘no’ for an answer.

“It suggests that what Minister Kelly meant when he said on Tuesday any proposal would ‘certainly’ be given ‘full scrutiny’ was, in fact, that a go ahead is actually pretty much a fait accompli, although there might be a little additional i-dotting and t-crossing – and perhaps some extra conditions imposed – so as to give the appearance of some rigour in review,” Mr Andrews said.