Whitehaven Jumps After Gaining Coal Mine Approval: Sydney Mover

Whitehaven Coal Ltd., Australia’s second-biggest independent coal producer, rose the most in almost two months after gaining conditional approval to build the A$766 million ($789 million) Maules Creek mine.

Whitehaven climbed 7.1 percent to A$3.17 at 10:39 a.m. local time, the most since Dec. 19. The Sydney-based company has now recovered most of 5.3 percent plunge on Feb. 7 when federal government approval for the mine was delayed.

Australia’s Environment Minister Tony Burke yesterday approved Whitehaven’s proposed Maules Creek coal mine in New South Wales state, while asking for additional work including limiting clearance of vegetation to minimize its environmental impact. The government also approved Idemitsu Kosan Ltd.’s Boggabri mine and AGL Energy Ltd.’s Gloucester coal seam methane project.

The federal environment department last week said it was delaying approvals for Maules Creek and an expansion of Boggabri to jointly assess the environmental impact of the two projects, located in close proximity in New South Wales state’s Gunnedah basin.

AGL climbed 0.1 percent to A$15.27.

To contact the reporter on this story: Elisabeth Behrmann in Sydney at ebehrmann1@bloomberg.net

To contact the editor responsible for this story: Jason Rogers at jrogers73@bloomberg.net