Mining companies fail to publicly disclose environmental risks to ASX

The Tarkine National Coalition has written to the ASX to draw it’s attention to the non-disclosure of environmental risk and issues related to the proposed Shree Minerals (ASX: SHH) Nelson Bay River mine, and Venture Minerals (ASX: VMS) Mount Lindsay mines in the National Heritage nominated.

Neither company have detailed that their projects fall within the area that the Australian Heritage Council has recommended to be added to the National Heritage List.

Shree Minerals’ Nelson Bay River mine has lodged a referral for Commonwealth environmental approvals (EPBC) in which it acknowledges twenty threatened species within the 5km radius of the proposed mine site, with six found or expected to be on the actual site itself. This is market sensitive information that should be disclosed via the ASX.

Venture Minerals are proposing the Mount Lindsay mine within the globally significant Tarkine Rainforest, inside the Meredith Ranges Regional Reserve.

Both projects face considerable environmental challenges.

While companies are entitled to talk up their investment potential, full disclosure requirements dictate that company directors have a responsibility to make all market sensitive information available in a timely manner.