Friday 3rd June 2011
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Bathurst Resources, the Australian company seeking to develop a coal mine on the Buller coalfield of the South Island, is to be added to the S&P/ASX200 index on June 17.
The announcement was made to the ASX today, days after the company responded to a ASX price query on May 30.
Inclusion in indices can attract more demand from institutional investors.
The company said on May 30 that it was not aware of any information that had not been announced which could explain trading in its securities.
The company noted an article in the Australian Financial Review on May 24 and said it had not been approached by a third party with respect to a possible acquisition.
The company's share price had risen from an intra day low of A$1.01 (NZ$1.23) on May 24 to an intra day high of A$1.23 on May 27 and higher volumes traded in this period.
Resource consent hearings for Bathurst’s Escarpment Mine Project will begin on June 7.
The hearing will consider 24 applications for resource consents required from the Buller District Council and West Coast Regional Council, under the provisions of the Resource Management Act 1991.
The project is an open cast coal mine on a 200ha mining permit in the southern part of the Denniston Plateau in the Buller District, which is expected to produce about one million tonnes of premium hard coking coal per year.
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