Struggling Whitehaven Notches Go-Ahead For $675M Coal Mine

Law360, New York (October 25, 2012, 5:34 PM EDT) -- Australia's Whitehaven Coal Ltd. has notched state government approval for its AU$651 million ($675 million) Maules Creek coal mine, it said Thursday, closing out a two-year permitting process and pushing the miner's most valuable project toward development.

The go-ahead comes as Whitehaven's stock continues a deep slide, brought on mainly by plummeting coal prices around the globe. It also quells concerns investors have aired over whether the Maules Creek project is on track.

As part of the deal, Whitehaven — the largest independent producer in coal-rich...
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