Shares in West Coast specialist coal mine developer Bathurst Resources have more than doubled in value since the resolution of court challenges in its favour. Coal production from the Denniston plateau above Westport could be under way by the end of December.
Bathurst has been forced to defend its gaining of resource consents to mine export quality hard coking coal for two years, largely because of legal challenges by Forest and Bird,
including through the Supreme Court, Court of Appeal and Environment Court.
From a year high of 60c per share 12 months ago to a low of 13c in June, Bathurst shares during the past nine trading days rose 118% from 15.3c to trade as high as 33c yesterday, then settled below 30c.
Craigs Investment Partners broker Peter McIntyre said without the threat and cost of legal challenges, the company and investors had ''certainty'' to focus on ramping up operations, targeting more than 1 million tonnes of coal from the plateau annually.
''This gives the project the green light. Investors can now focus on mining [operation] outcome and cashflow,'' Mr McIntyre said.
Shrinking cash in hand for Bathurst had been rejuvenated and almost $25 million of fresh capital had been raised from Australian shareholders and institutions in recent weeks.
Bathurst managing director Hamish Bohannan said while the latest Environment Court decision could be appealed, the difference now was that the resource consents had been granted, so an appeal would not stop Bathurst from working.
He said ''we're literally only a few weeks away now'' from starting work, and he expected trucks and loaders on site ''shortly after Christmas''.
There were 27 operating plans associated with the project, ranging from waste management and stockpile management to lizard and snail management and water management.
''Those plans have all been completed. They now get reviewed and signed off by the [West Coast] councils, at the end of which we'll get our licence to enter the land,'' he said in a market update.
