BANDANNA SURGES ON APPROVAL
Written on the 26 September 2013
BANDANNA Energy (ASX:BND) has passed a critical stage of the approval process for its proposed Springsure Creek project.
BND shares surged on the news, up 22.86 per cent at 21.5 cents late this afternoon.
The environmental impact statement (EIS) for the coal mine has proceeded following the company’s response to public submissions.
Bandanna is confident the EIS will receive final approval “given the substantial commitments the company has made towards coexistence of mining and agriculture”.
The company has also entered into an agreement to buy a strategically significant parcel of land within the project area, subject to a reconfiguration approval from the Central Highlands Regional Council.
Further negotiations with landowners in the mining lease area and infrastructure corridor are progressing.
A Cultural Heritage Management Plan (CHMP) has been finalised with the indigenous Bidjara People of the area.
This announcement comes one day after the company said it had revised the commencement date of rail haulage services for the Springsure Creek mine, which will be January 1, 2016.
The term of the rail haulage services contract with Asciano Limited’s Pacific National coal haulage business has also be extended from 15 years to 20 years.