Australia may reconsider rejection of mine project

Australia may reconsider rejection of mine project

An Australian state government will reconsider a rejected Korean consortium-led coal mine project, Seoul’s state-run resource explorer said Monday.
Early this month, Australia’s New South Wales state government refused the proposal submitted by Korea Resources Corp. (KORES), citing concerns over water, ecological and heritage impacts.
KORES said it will re-submit a proposal to develop the Wallarah 2 coal mine near Wyong, in southeast Australia. The state-owned mine developer last week sent a delegation to the state to urge the government to withdraw its decision to reject the proposal.
The consortium, which includes SK Networks Co. of Korea, and a Japanese partner, has invested about 45 billion won ($39.9 million) on the mining project since 1995.
KORES owns an 82.25 percent stake in the project, followed by SK Networks with 8.5 percent and Kyungdong Co. of Korea with 4.25 percent. The remaining 5 percent belongs to the Japanese developer.
KORES had originally expected to produce 5 million tons of coal from the mine for 28 years, which could be shipped to resource-poor Korea. (Yonhap News)