Gunns nearly out of ammo on Tasmanian pulp mill
Matthew Denholm; 29/8/08
The long battle over the proposed Tasmanian pulp mill may soon be over, with proponent Gunns unable to give an assurance that the controversial project will proceed. In a marked change of tone, the timber company last night told the Australian Securities Exchange that it was no longer certain that it could obtain sufficient finance or a joint venture partner. It also told the market it could not meet a deadline for the start of construction of November 30, set by the Tasmanian Government, after which it would lose a sovereign risk agreement and state support. “While the directors believe it is probable that the mill project will proceed to completion, the financing structure is yet to be finalised,” Gunns executive chairman John Gay said.
See: http://www.theaustralian.news.com.au/story/0,25197,24258102-5013404,00.html
Tags: Australia, Environment