Shares in Leederville-based minerals explorer Blackham Resources Ltd fell 14.3 per cent today after lodging its case for the retention of the Scaddan Lignite deposit in the Warden's Court, which it pegged earlier this month.
Shares in Leederville-based minerals explorer Blackham Resources Ltd fell 14.3 per cent today after lodging its case for the retention of the Scaddan Lignite deposit in the Warden's Court, which it pegged earlier this month.
Blackham had made a move on the $850 million tonne deposit after Wesfarmers accidentally let their claim over the site lapse.
In an announcement, the company said it has fully complied with the requirements of the Mining Act and was fully entitled to have its applications progressed.
Blackham, which last traded at 56 cents, was trading at 48 cents at 1:00 pm WST.
The full text of a Blackham announcement is pasted below.
As announced on 23 March 2007, Wesfarmers Premier Coal Ltd (Wesfarmers) have lodged mining lease applications 63/638 and 63/639 subsequent to Blackham's prospecting licence applications 63/1595 - 1635 and exploration licence applications 63/1145 - 1147 which cover largely the same area.
On 27 March 2007, Wesfarmers filed objections to Blackham's applications under the Mining Act 1978 (WA) (Act). Blackham has not yet obtained copies of all of Wesfarmers' objections but is informed by the Department of Industry and Resources that the grounds
of all the objections are the same or substantially similar.
The objections supplied to Blackham to date claim that Wesfarmers' applications should be granted in preference to Blackham's applications on the grounds that:
Blackham has taken legal advice in relation to the grounds of these objections. Having considered that advice, the Company is of the view that the grounds of these objections are either not relevant or not valid grounds for objection. Blackham make the following
comments in relation to the above grounds:
In such circumstances, Blackham believes that the principles underpinning the Mining Act militate in favour of the turnover of land and seek to encourage expenditure on the definition and development of the State's energy resources.
The Company believes the Scaddan Lignite deposit has development potential. On granting of the Blackham Applications, Blackham intends to launch a scoping study on the resources with an aim to expediting the development of the project for the benefit of the state.
Blackham also points out the necessity for complete transparency in the handling of all the applications over this area to prevent any perception that procedural fairness has not been complied with. Blackham looks forward to working to progress its applications in
accordance with the provisions and the spirit of the Act.
