A NEW coal mine in Bacchus Marsh would be a strong investment, according to online comments by traders.
The Weekly has seen online forum comments, with an assumed trader posting that “BM [Bacchus Marsh] is looking awesome”.
The trader also wrote: “[Mining partner] Exergen will be moving very quickly in the next few months to get the demo plant built. Scoping study will be very interesting and let’s hope the results are very good.”
The Weekly reported last month that a scoping study will be completed by the end of September, at the earliest.
Exergen also plans to build a demonstration plant that will test new technology for extracting water from coal, which is believed to reduce emissions by as much as 40 per cent. A location is yet to be determined and Exergen would not reveal a timeline for the plant’s construction.
The forum poster also commented: “Exergen needed to get JORC [Joint Ore Reserves Committee] and JV [Joint Venture Agreement] done so they were able to raise cash for the demo plant as they are not only relying on government funds. I assume they will be looking to list on the [stock exchange] soon.
“We already know they have the backer, resource and skills, and soon we should have . . . [the] scoping study which should get more investor interest in the project.”
Friends of the Earth spokesman Cam Walker said it was difficult to read much into the comments without a formal announcement from Mantle Mining or Exergen.
He said he believed community outrage in Bacchus Marsh was similar to that which surrounded a Mantle exploration application in the Otways in 2009, which was eventually withdrawn. “I can only see their withdrawal as the only viable outcome from all this. They have to listen to the community eventually.”
An Exergen spokesman said they would not comment on the speculation. Mantle was not available for comment.
