Northern Manganese’s shares down on uncertainty over seabed mining ban
PERTH (miningweekly.com) – The share price of explorer Northern Manganese dropped by 4% on Friday, after the company said it was seeking “urgent clarification” on an announcement by the Northern Territory government that seabed mining at Groote Eylandt would be banned.
Chief Minister Adam Giles this week placed a total ban on seabed mining around Groote Eylandt, in the Gulf of Carpentaria, some 600 km south-east of Darwin.
Giles told the ABC that, while the government wanted the Territory to remain open for development, he had listened to the concerns of traditional owners about the destruction of the seabed.
The Chief Minister was quoted as saying that seabed mining was still an unproven science and could damage the environment.
Northern Manganese currently holds four exploration titles, which would be affected by the government’s announcements, and the company said this week that it would seek legal advice on how the announcement would translate into policy and administration under the Mineral Titles Act.
Giles had noted that the government might have to compensate Northern Manganese, and the company told shareholders that it would seek clarification on the form and amount of this compensation.
The company’s shares were trading at a low of A$0.024 on Friday.
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