A SMALL-TIME Queensland resources company whose plans to mine the fertile farming soils of the state's Darling Downs region were rejected by the incoming state government is at risk of financial collapse.
Company documents filed with the corporate regulator show the company, Ambre Energy, posted a $24 million loss last calendar year, with the group's auditor stating there was "material uncertainty" about the group continuing unless it could raise substantial funds.
The proposed coalmine and "coal-to-liquids" plant proposed for the Felton Valley, about 30km west from the regional city of Toowoomba in southeast Queensland, was the group's only project in Australia.
Separately the company owns a half share in two US coalmines and a two-thirds stake in a small port in the state of Washington.
Ambre Energy chief executive Michael van Baarle talked down the financial impact the Queensland government's move would have on the company. "That (Felton Valley) project is not advanced enough for it to come up as an issue for us," Mr Van Barrle said.
The Australian
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