Dual-listed Bathurst Resources has responded to an Australian Stock Exchange's "please explain" query that it has no information to explain a share price decline and increase in shares traded since last Friday.
The ASX queried why Friday's closing price of A89c per share had fallen to an intra-day low of A78c yesterday while at the same time there had been an increase in the volume of shares traded.
Bathurst has recently been awarded numerous resource consents to go ahead with hard coking mine plans on the West Coast, near Westport, but since then three separate parties have lodged challenges in the Environment Court. If the court challenges cannot be mediated before any hearings, it has been estimated Bathurst's proposal to begin mining operations by the end of the year could be set back by up to three months.
Bathurst managing director Hamish Bohannan told the ASX the company was not aware of any information that had not been announced, which if known, could be an explanation for recent trading in its shares. Bathurst was not aware of any more appeals being lodged; the deadline being 5pm yesterday, but would update the market on closure of the appeal period.
