Bathurst Resources (ASX: BRL, NZX: BRL) has jumped 12% with around 2.4 million shares changing hands intra-day, following a court decision on the Escarpment Mine Project - located on the South Island of New Zealand.
The Environment Court has issued a decision advising that “consent is indicated for the Escarpment Mine Project, subject to final minor drafting on conditions of consent.”
If the final consent is granted, Bathurst can move into the first stages of operations.
Bathurst is focused on the development of the Buller Coal Project near Westport which is targeting the production of up to 4 million tonnes a year of high quality export coking coal for the steel mills of India and Asia.
The key first stage of the export coal project at South Buller is Escarpment - which is targeting an initial output of 500,000 tonnes per annum of coal for off shore markets. This will increase to around 1 million tonnes per annum over a 6 year mine life.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.