Tuesday, 28 April 2015
Coal seam & tight gas miner Metgasco Limited puts a dollar price on walking away from its NSW North Coast exploration leases
Metgasco chief executive Peter Henderson said they would be seeking compensation for the year-long suspension of the drilling licence and all associated losses of the suspension, which could run as high as $15 million.
Mr Henderson said Metgasco would require a further $110m if the company was forced to exit its operations in the state’s north.
[The Australian, 27 April 2015]
One hundred and ten million dollars is a small price to pay to protect an existing NSW North Coast* regional economy which annually contributes an estimated $20.6 billion plus to the Gross State Product (GSP) or 15% of the total NSW GSP.
In 2012-13 the Northern Rivers** (where Metgasco has its exploration leases) contributed $13.6 billion in Gross Regional Product (GRP) to the North Coast regional economy, in large part via its tourism, agribusiness-forestry, manufacturing and commercial fishing sectors.
* Local Government Areas: Ballina, Bellingen, Byron, Clarence Valley, Coffs Harbour, Gloucester, Great Lakes, Greater Taree, Kempsey, Kyogle, Lismore, Nambucca, Port Macquarie-Hastings, Richmond Valley, Tweed.
** Local Government Areas: Ballina, Byron, Clarence Valley, Kyogle, Lismore, Richmond Valley, Tweed.