Shree Minerals shares have dropped 65% in the past three days trading raising serious risk of the company failing with unfunded remediation liabilities on its controversial Nelson Bay River mine.
The company remains in breach of operating permits, thirty one months after the Supreme Court found their storage of acid producing waste unlawful and a review of public financial statements fail to show any expenditure on the development of necessary reports and documentation in the past two financial years.
“This company is in it’s death throes, and we have received advice from the EPA that the remediation bond held by the Director of Mines is insufficient to cover the costs of either remediating the site or restoring the mothballed project to compliance with permit conditions as required by the Court”, said Save the Tarkine Campaign Coordinator Scott Jordan.
“The company’s financial statements show they are now spending down cash reserves to below the deferred liability for remediation of the site. The situation is now time critical. Every day wasted is costing Tasmanian taxpayers real money”.
The Minister has the power under the Mineral Resources Development Act 1995 to increase the remediation bond to at his discretion.
“Rhetoric won’t save this company, and it won’t deal with the 80,000 cubic metres of acid producing waste illegally and dangerously stored on the site. This Minister wasn’t the holder of the office when this mine was approved, but he can act now while there are still funds to ensure that taxpayers are not left further exposed, and that the remaining funds are made available to remediate the significant current and ongoing environmental impacts”.
TOM ELLISON three years ago nailed the issue on Tasmanian Times …
• Shree and the Tarkine: The Black Knight Always Triumphs
Scott Jordan, Campaign Coordinator, Save The Tarkine
