Economy
Gunns reveals pulp mill partners
Tasmanian timber company Gunns has revealed it has three potential partners for Southern Star Corporation, the company established to build and operate the proposed Tamar Valley pulp mill.
Gunns holds the majority share in Southern Star Corporation, but is talking to three potential equity partners about what they can provide for the $2.2 billion pulp mill venture.
In a statement to the Stock Exchange today Gunns also announced a profit upgrade of $20 million.
The company is now expecting its full year earnings before interest and tax to be between $50 million and $60 million.
Financial Adviser Chris Elliot says the pulp mill partner discussion is positive news for Gunns and Southern Star.
“That gives shareholders again a reassurance that the mill is likely to proceed if they’re able to lock away the interest parties,” he said.
Gunns shares closed 16 per cent higher today (Friday), at 50.5 cents.
And, Greens MR:
WILL NEW ENVIRONMENT MINISTER STAND UP FOR THREATENED SPECIES?
Tim Morris MP
Greens Deputy Leader
The Tasmanian Greens today called on Environment Minister David O’Byrne to reveal what he will do to protect Tasmanian threatened species and their habitats from further destruction, especially at the hands of the forest industry.
Greens Deputy Leader Tim Morris MP said the Tasmanian Auditor-General last year found that Tasmanian species are being driven to extinction at an alarming rate, and it is clear that the past and current logging and land clearing policies of the Labor Government are directly responsible for this decline.
“The new Environment Minister must reveal whether he will actually stand up for threatened species, or whether he will continue the do-nothing approach of his predecessor,” said Mr Morris.
“The Auditor-General’s Special Report No. 78: Management of threatened species found just last year that Tasmanian species are being driven into extinction at an alarming rate, and it is clear that Labor’s predilection for logging and land clearing is to blame.”
“Will the new Minister reign in forestry activities that threaten Tasmanian species, or will he sit back and do nothing while the destruction continues?”
“I look forward to a far more co-operative relationship with Minister O’Byrne than existed during the previous government,” said Mr Morris.