LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Australia to pay China's Shenhua $200 million to buy back mining licence

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Wed, Jul 12, 2017
10:55 am
Reuters

Australia`s New South Wales state said on Wednesday it would buy back half of a coal exploration licence from China Shenhua Energy Co Ltd, bowing to pressure from farmers and environmentalists opposed to mining on prime agricultural land.

The government of Australia`s most populous state said it had agreed to pay A$262 million ($200 million) to buy back 51.4 percent of Shenhua`s exploration licence on the Liverpool Plains 400 kms (250 miles) northwest of Sydney.

"Under this government there will be no more exploration and no mining on the fertile black-soil plains of the Liverpool Plains," NSW Minister for Resources Don Harwin told reporters in Sydney.

"The ridges are areas where exploration can continue but the fertile black soil of the Liverpool Plains will be protected from mining as a result of us buying back the exploration licence today."

Anti-mining activists vowed to continue campaigning for a complete ban on mining in the region, including a coal mine proposed by Korea Electric Power Corp (Kepco).

"This buyback does little to address the impact of the large coal pit that will still be built (by Shenhua) to mine coal," said Phil Laird, the national coordinator for environmental group Lock the Gate Alliance.

"We will continue to campaign to have all mining there stopped."

The exploration licence for Shenhua`s A$1 billion Watermark mine, granted in 2008, sparked a public backlash and split Australia`s conservative ruling coalition into pro-mining and pro-farming camps.

Development has been delayed by assessments and modifications in response to concerns raised by farmers, and mining has not yet begun.

Shenhua said in an emailed statement it was disappointed by the government`s move and would have mined the area responsibly, but added the buyback was an "acceptable financial outcome".

Kepco is facing renewed resistance from farmers after the state`s planning department endorsed its project, saying the impact on water supplies was outweighed by the economic benefits a mine would bring.

Last year, New South Wales agreed to buy back BHP Billiton`s licence for the Caroona coal mine on the Liverpool Plains for A$220 million, ending a decade-long fight by farmers to shut down the project.

Another open-cut coal project in NSW`s Hunter Valley, south of the Liverpool Plains, was sold by Anglo American in May amid opposition from racehorse breeders in the area. The buyer, Malabar Coal, promised to proceed with an underground mine.

($1 = 1.3070 Australian dollars)

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:

LATEST NEWS

Stagnant FIIs and rising Covid-19 cases may put pressure on markets, explains Market Guru Anil Singhvi

Gold Price Today 12-04-2021: Weekly investment strategy on Gold, Silver - Outlook remains STRONG - BUY bullion at these levels

MCX Gold June should be sold at Rs 46700 with stop-loss of 46800 with target of Rs 46500, says Expert

HDFC Securities says decisive move below 14200 is expected to drag Nifty down to 13700-13600 levels by this month

CBSE Board Exam 2021: Students, do not miss this latest news! Will CBSE CANCEL class 10 class 12 board exams? Check UPDATES here

UP Schools Closed Latest News: Educational institutions ordered shut down! Know new dates here

PAN Aadhaar Linking – Link by this date or face penalty of Rs 1000; your PAN could also become inoperative

Maharashtra Board Class 10, Class 12 exams postponed—Check what minister said about CBSE, ICSE, IB and Cambridge boards

TCS, Infosys, MindTree – Ahead of TCS result what to do with this stock? Profit booking seen in Infosys, Mindtree

The Kapil Sharma Show fees per episode: REVEALED! Kapil Sharma, Krushna Abhishek, Bharti Singh, Archana Puran Singh and others - This is what they earn

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved