Last weeks decision by the ASX to suspend Shree Minerals from official quotation on the Australian Stock Exchange over a misleading statement in a project update to investors should be a red flag to the Minister. The statement, withdrawn by Shree Minerals at the order of the ASX, falsely claimed a level of readiness to mine 400,000 tonnes per annum of magnetite iron ore despite the company currently applying for a permit that excludes magnetite mining at the Nelson Bay River mine. The stock remains suspended.
“This company lied about the levels of acid producing waste, they have breached operating permits and court orders, and now are sanctioned by the ASX for lying to investors”, said Save the Tarkine Campaign Coordinator, Scott Jordan.
“They are continually caught red handed, and a procession of Ministers have turned a blind eye. Minister Courtney should take heed of this action by the ASX and consider the question of whether Shree Minerals is a fit and proper person to operate a mine lease in Tasmania”.
The Nelson Bay River mine went into care and maintenance in 2014 after just seven months of mining.