Matthew Denholm; 20/11/08; (2 Items
Timber company Gunns was yesterday forced to make a reassuring statement to the stock exchange after comments by a former premier caused the company’s share price to plunge. On Tuesday, former Tasmanian premier Paul Lennon, a long-time champion of Gunns’ pulp mill in the state’s north, told a parliamentary committee he believed the $2.2billion project “may not be alive”. And there were calls for a royal commission to examine mounting allegations surrounding the state’s fast-track assessment of the project. Earlier, Mr Lennon conceded that the project proposed for the Tamar Valley, a developing tourism and wine region, was the wrong site for the mill. Gunns shares closed down 17.6per cent to 86c. Shares traded at $3.90 late last year and $2.31 in August.
See: http://www.theaustralian.news.com.au/story/0,25197,24678227-5013404,00.html
Pulping the truth
Matthew Denholm; 20/11/08
Just when it seemed the pulp mill proposed for Tasmania’s Tamar Valley might slip off the agenda, new revelations have emerged to reignite the political intrigue surrounding the controversial project. This week, a parliamentary committee heard of sworn evidence from planning chief Simon Cooper that ex-premier Paul Lennon had not been telling the truth about events leading up to the fast-tracking of the mill. The evidence strengthened suspicions that Tasmanians were conned about the Lennon government’s reasons for fast-tracking the mill and fuelled calls for a royal commission. Lennon, Tasmania’s notoriously feisty pro-logging former leader, championed the $2.2billion project when in office, famously instigating the idea over a waterfront meal with Gunns Ltd chief John Gay.
See: http://www.theaustralian.news.com.au/story/0,25197,24677393-28737,00.html
Tags: Australia, Environment, Political, Trade