3 FEBRUARY 2021
ISSUE 224
REAL INDEPENDENT LOCAL WEEKLY NEWS
News
Projects to benefit from new funding
A large number of residents are expected to protest a proposed 10-15 percent rate increase outside Gosford Chambers at an extraordinary Central Coast Council meeting on February 3. See page 3
News
Chairman of the Board of Wyong Race Club Limited, John Waghorn, has refuted claims that the Club has “closed its gates... See page 7
Out&About
The NSW Government has granted over $270,000 for improvements to Crown Land reserves and community facilities across the Central Coast, including more than $193,000 being shared among five groups in the northern suburbs. See page 4
Wallarah 2 coal mine for sale Korea Resources Corporation is planning to sell its 82.25 percent stake in the Wallarah 2 coal mine, as part of efforts to cut its debt totalling $6.1B as of the end of June 2020. It was reported in The Korea Economic Daily on January 6 that the government owned corporation had called for bids on a stakehold in the Wyong Areas Coal Mine Joint Venture, to comply with South Korean government instructions to offload all its overseas assets as soon as possible. “It hired law firm, Lee & Ko as the sale manager, and will receive bids until the morning of April 22, according to the company and industry sources
on January 5,” the article said. A Korea Resources official said in the article that in the sale process, SK Networks and Kyungdong might offer their shares as well. Wyong Coal Pty Limited manages the Wallarah 2 Coal Project in the Yarramalong and Dooralong valleys on behalf of the Wyong Areas Coal Joint Venture. Kores Australia Pty Ltd, a fully owned subsidiary of Korea Resources Corporation, holds an 82.25 percent share. Australian private entity Centennial Wallarah Pty Ltd has a five percent stake. Korean mine developer, Kyungdong Australia Pty Ltd represents 4.25 percent.
SK Networks Resources Australia (Wyong) Pty Ltd and SK Networks Resources Pty Ltd each hold a 4.25 percent share. The Korea Economic Daily reported that since last year, the South Korean ruling party had been seeking to ban its state run institutions, such as the power corporation, from financing foreign coal power projects. South Korea’s parliament looks set to pass new legislation to ban financing on foreign coal power projects, however, the proposed Bill has not yet passed through the parliament. The rapid transition away from fossil fuels overshadowed the outlook for global coal demand which could lead to a
drop in the Wallarah 2 coal mine’s selling price, the article said. A Korean resource industry spokesperson voiced opposition to any hasty sale of the mine, according to the article. “The Wyong mine may be difficult to sell at the right price, but given its productivity, we may need to think about how to utilise its resources directly,” the spokesperson said. Wallarah 2, with 1.2 billion tons of thermal coal, has approval for 28 years to extract up to five million tons per annum from its underground longwall mine. Its location in the main water catchment area for the Central
Coast, as well as other significant environmental factors, caused strong community opposition and there has been a concerted campaign led by the Australian Coal Alliance right through to the Land and Environment Court. The Federal Government approved the mine in 2018 but with hundreds of conditions aimed primarily at protecting the environment and water quality. Wyong MP, David Harris, said indications were that the Koreans were now wanting to remove themselves from coal mining in the longer term.
Clear skies, blue waves and scorching sunshine have accounted for the Coast’s busiest Australia Day weekend on record. See page 17
Sport
A 1-2 win for Wellington Phoenix against Central Coast in Match Week 6 at Central Coast Stadium has reshaped the A-League table, with the Mariners falling from first place. See page 38
Continued page 6
Puzzles page 23
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