Esso interest in coal mining
NZPA Sydney Esso Exploration and Production Australia has received Foreign Investment Review Board approval to buy a 49 per cent interest in the Gloucester/Stroud coal mining project in New South Wales’ Hunter Valley, BMI, Ltd, reported. The minority stake was formerly held by the Avon Group and Noranda Australia, Ltd. A BMI subsidiary, BMI Mining Pty, Ltd, has a 51 per
cent interest in the project. Under the terms of the approval,' Esso must reduce its holding to 35 per cent by selling 14 per cent to other Australian organisations as soon as possible. The BMI directors said that field exploration continued during the three months ended December 31, together with work on a preliminary feasibility study. Total exploration costs during the period ran to $968,219.
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Press, 1 March 1982, Page 24
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131Esso interest in coal mining Press, 1 March 1982, Page 24
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