01/08/2012 - 15:59

Point Grey gets environmental nod

01/08/2012 - 15:59

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Port Bouvard's headquarters in Como.

Port Bouvard’s Point Grey marina development south of Mandurah, which has been the subject of community protests, today gained environmental approval from the state government.

Environment Minister Bill Marmion said today that the construction and operation of the 300-berth marina and channel at Point Grey would be subject to strict conditions and environmental monitoring.

The conditions include measures to protect flora and fauna, estuary water and sediment quality, and limit any dredging of the navigation channel to winter and spring months to avoid breeding times of key species.

“I understand the community is concerned about nutrient release to the estuary from the proposal and associated maintenance dredging,” Mr Marmion said.

“However, I am confident the potential impacts can be managed through the application of appropriate monitoring and contingency conditions.”

“Based on the Environmental Protection Authority’s advice, I have required the proponent to prepare and implement a Channel and Marina Management and Monitoring Plan that includes a monthly water and sediment quality monitoring program.”

Mr Marmion has also made it a condition that the proponent release all validated environmental data required under the ministerial statement.

The news comes after the company received final environmental approval from the federal government for the Point Grey 3,000-lot master-planned community.

It also comes months after St George Bank reassigned $2 million in unused Port Bouvard facilities to apply to its working capital despite the company breaching its banking covenant.

At the time Port Bouvard said the reassignment should provide sufficient working capital to the end of October.

In March it posted an interim loss of $15.7 million, driven down by a $19.2 million impairment charge on the Oceanique apartments in Mandurah while revenue had dipped 81 per cent, to $11.7 million, contributing to the 344 per cent fall in profit.

Port Bouvard shares closed 0.1c lower to 1.9c.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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