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BTU - Bathurst Resources

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oldblue said:
No news yet on the appeal but meanwhile BTU has made a conditional purchase of a cranberry farm! - for other (coal related) purposes.

http://westportnews.co.nz/friday.pdf
Click to expand...

The newspaper report is about Solid Energy not BTU opening a small mine at Reefton. Solid Energy does have tenements adjoining Bathhurst near Westport.
I think a judge has been appointed. No starting date yet but expected to take 6 months then a decision 3 months later. Can't see it starting before Xmas. BTU could settle by mediation which I would say is the preferred option. As you probably know one of the appeals has nothing to do with mining the escarpment.
 
Hi, maungatapu.

Note that my post was made on Tuesday 25 October - it related to an article dated Friday 21 October. It seems that the Westport News link defaults to the "current" Friday, in this case 28 October, and that there was an article on Solid Energy on that day.

Coal is a big deal on the Coast!

Cheers

:)
 
Who knows where this is headed and why it is being avoided!

31-10-2011 9-10-57 PM.png

Interesting volume.
No serious buying either. Looks like a lot of waiting.
 
In order to maintain uptrend, will need to sit above 80, in the upper 1/2 of the parallel lines. Probably good buying at these levels. Dropping into the 70's would be a sell.
 

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UBS has increased its holding in BTU from 36m shares to 44m.
http://www.asx.com.au/asxpdf/20120720/pdf/427j5cbh780sg9.pdf


HIGH COURT HEARING DATE ANNOUCED FOR CLIMATE CHANGE DECLARATION APPEAL
Bathurst Resources Ltd (ASX & NZX: BTU) is pleased to announce that the hearing of the appeal against the climate change declaration made in Bathurst’s favour on 1 May 2012 will be heard in the High Court on 30 July 2012.
Buller Coal Limited, Bathurst’s wholly owned subsidiary, made an application to the High Court seeking the transfer of the climate change appeals directly to the Court of Appeal, bypassing a hearing in the High Court. Bathurst’s reason for seeking the transfer was to avoid potential significant delays in obtaining a hearing date before the High Court.
Whilst Bathurst is disappointed that the climate change appeals will not proceed directly to a hearing in the Court of Appeal, Bathurst welcomes the expeditious timing of the High Court hearing. Bathurst is now finalising its preparations for the hearing.
The climate change declaration appeal does not affect the timing of the Environment Court hearing of the primary appeal against the resource consents which will commence on 29 October 2012


I don't really keep an eye that closely on BTU and as long as they are tied up in court cases, there is not much point really.
It has been sad to see what green legal action can do to such a promising company, and even when greens lose their action, they still persist with appeals. So much for abiding by the umpires decision!
I guess for the astute buyer it is a joy to watch the SP drift, considering the reserves they have and the high quality of them.
Get your timing right and this could be super lucrative. A drift to the low 20s/high teens would have me seriously considering a small stake.
 
Some quick information from BTU's D&D presentation.

APPROVALS FOR ESCARPMENT PROJECT
♦Resource Consent Granted on 26 August 2011 - 2 appeals remaining

1. West Coast Environmental Network/ Royal Forest & Bird on Climate Change impacts
-Hearing on climate change found in Bathurst’s favour
-Further appeal lodged May 17
-Appeal hearing 30 July 2012


2. West Coast Environmental Network/Royal Forest & Bird appeal on environmental grounds-Experts engaged on data gathering
-Evidence submitted June
-Hearing 29 October 2012

♦DOC Access & Concession Pending
-Application lodged
-No major issues raised
-Final review in progress


Not invested in BTU, but if they get all the court crap out of the way, they have the makings of a great company. Timing and entry price the key here.
 
Nice reversal from BTU, this chart is a day behind. BTU closed at 43.5c today and topped out at 46.2c.
Well done them.
 

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Looming court date is coming closer, fingers crossed the share price repeats the result of the environment court decision. Seems to be holding pretty steady around the 45-46 cent mark
 

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