It says Melbourne’s St Barbara should have been shut down by Australian regulators long before it negotiated the sale for a nominal amount to local landowning company, Gold Ridge Community Investments Ltd.
The Chairperson of GCIL, Walter Naezon, says the sale transferred all liability for the mine to the new company and the full extent of this has just been quantified.
“Because they got away from the government that is the previous government who failed to pin them according to their regulations. And since it is an Australian company and it was listed in the stock exchange in Australia we think that the Australian stock exchange needs to know about it.”
Walton Naezon says Gold Ridge Community Investments Ltd has a 3 year plan to get the mine back on its feet and says talks are being held with companies in Australia and China to take on the mine operation.