Oz Project Quashed, Waratah Coal Gets Hammered
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Waratah Coal Inc. [CVE:WCI] (WRTHF.PK) got absolutely hammered in trading Friday on the announcement that its proposed Galillee Basin project in Australia has been quashed.
Shares in Waratah were down almost 70% to C60¢ at 11:15 a.m. on the Venture exchange. At close, the stock was down 45.11% to C$1.01 on the Venture exchange and down 64.3% to 76 cents on the U.S. pink sheets.
Despite recognition from the Queensland government for the proposal, Peter Garrett, the federal minister for environment in Australia, rejected Waratah's Galillee proposal under the Environment Protection and Biodiversity Act, saying the establishment of a rail line and coal port in the Shoalwater Bay military training area is unacceptable.
Waratah said in a statement that it considers that the Minister for Environment has "exceeded his authority in dealing with Waratah's proposal in the manner he has and believes the decision is wrong in law, and not in the national interest." The company said it will appeal the decision.
Amounts shown in US$ unless otherwise indicated.
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