Coal news and updates

Australia's Whitehaven Coal Ltd WHC.AX said on Thursday it would work towards getting an environment protection approval for the extension of its contentious Vickery coal mine, after a Federal Court dismissed a class action lawsuit against it, sending its shares 3% higher to a more than one-month high.

 

A class action commenced by a group of eight teenagers across the country in March argued that expansion of the Vickery Project in New South Wales (NSW) would contribute to climate change and endanger their future.

 

The court dismissed the suit that sought to prevent the country's federal environment minister from granting an approval for the extension under the Environmental Protection Biodiversity and Conservation Act (EPBC).

 

NSW regulator had previously green lit the extension in August last year, from which Whitehaven plans to increase coal extraction by nearly 25%, but it would, however, hold off on making any final investment decision this year.

 

Source : https://www.nasdaq.com/articles