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Shenhua likely to abandon Watermark coal mine proposal

January 22, 2021

ABC News:

A resources analyst has predicted Shenhua will drop its controversial proposal for the 10-million-tonne Watermark coal mine on the NSW Liverpool Plains. 

The forecast came after Deputy Premier and Industry Minister John Barilaro revealed the company had received an extension to pay the first $200 million instalment of its lease.

Tim Buckley, from the pro-renewables Institute for Energy Economics and Financial Analysis, said the likelihood of the Watermark mine going ahead was slim.

“China Shenhua has been going slow very deliberately, because they realised I think five or six years ago that they’d bought a stranded asset,” he said.

“It’s in fact entirely misaligned with the Chinese government’s direction. 

[Patrick Bell and Amelia Bernasconi]

More: Shenhua tipped to scrap Watermark mine as NSW points to ‘changed’ financial landscape

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