CENTENNIAL Coal says that recent technical studies showing that the Olstan auger mine project in the City of Lake Maquarie, New South Wales will not be economically viable are behind its decision to withdraw from the project application.
The Olstan project was intended to supply coal to local power stations but the company says that it will now investigate options to stop any potential shortfalls.
Centennial Coal spokeswoman Katie Brassil says that looking at the technical studies, which take in a broad range of things, it became clear the economic viability of actually pursuing the project had just been eaten away and that the development was no longer worth pursuing.
In April, Centennial lodged a project application, including a preliminary Environmental Assessment, with the Department of Planning for the proposed underground auger mine.
United Residents Group for the Environment of Lake Macquarie president Peter Morris says that locals are pleased Centennial had decided not to go ahead with the project.
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