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Kangaroo Island Plantation Timbers EIS Addendum on public exhibition

The Addendum modifies the design of the proposed KI Seaport at Smith Bay on the island’s north coast.

Kangaroo Island Plantation Timbers Ltd - Kangaroo Island Plantation Timbers EIS Addendum on public exhibition
The company proposes to build a facility to export plantation timber products

Kangaroo Island Plantation Timbers Ltd’s (ASX:KPT) Addendum to its Draft Environmental Impact Statement (EIS) for the proposed KI Seaport on Kangaroo Island has been released for public exhibition by South Australia’s Minister for Planning.

This Addendum formally modifies the design of the proposed facility at Smith Bay on the island’s north coast to incorporate changes announced by the company on September 20, 2019.

These changes reduce the environmental impact of the in-water structure.

Revised marine design

The Addendum addresses each of the criteria against which the marine component of the development is being assessed.

Kangaroo Island Plantation Timbers (KIPT) said it was satisfied that all relevant criteria had been met and it looked forward to a favourable outcome in the new year.

This would follow submission of its formal response document, which will address all comments made during both periods of public exhibition.

The revised marine design will be placed on public exhibition by the Department of Planning until Friday, December 20, 2019.

Drop-in session

This exhibition period will include a drop-in session at Kingscote Town Hall on the island on Friday, November 29, 2019.

KIPT understands that the Minister will only consider new comments in relation to the revisions to marine structures, given that the project as a whole was the subject of a lengthy exhibition period earlier this year.

In a statement, KIPT said: “The company looks forward to explaining the benefits of the changes that it has made, and to bringing the lengthy development assessment process to a satisfactory conclusion.”

Shares last traded at $2.32 after reaching a new 12-month high of $2.59 on October 16.

Legal proceedings on easements

KIPT also advises that its efforts to settle legal proceedings relating to easements at Smith Bay have proved unsuccessful in the Supreme Court of South Australia.

The company sought to have an easement affecting a dam on its land set aside and, further, to correct a defect in another easement designed to facilitate the supply of electricity to its land.

Neither of these easements materially affects KIPT’s ability to build and operate the KI Seaport.

KIPT said: “While the company does not consider the status of these easements to be material, the issue has attracted some interest and, accordingly, the company will advise the market when a judgment is handed down.

“The timetable for the approval and construction of the KI Seaport is not affected by the timing of the Court’s decision.”

Quick facts: Kangaroo Island Plantation Timbers Ltd

Price: 2.16 AUD

ASX:KPT
Market: ASX
Market Cap: $121.14 m
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