In the news...today
Waratah Coal Inc.is getting absolutely hammered in trading Friday morning on theannouncement that its proposed Galillee Basin project in Australia hasbeen quashed.
Shares in Waratah are down almost 70% to 60¢ at 11:15 a.m. on the Venture exchange.
Despiterecognition from the Queensland government for the proposal, PeterGarrett, the federal minister for environment in Australia, rejectedunder the Environment Protection and Biodiversity Act, Waratah'sGalillee proposal, saying the establishment of a rail line and coalport in theShoalwater Bay military training area is unacceptable.
Waratah said in a statement that it considers that theMinister for Environment has "exceeded his authority in dealing withWaratah's proposal in the manner he has and believes the decision iswrong in law, and not in the national interest." The company said it will appeal the decision.
And here we sit waiting....