China swoops on coal ALAN DICK 18/06/2009 4:00:00 AM The Chinese Government-owned mining company, China Shenhua Energy, is reportedly offering to buy farming properties in the Watermark area of the Liverpool Plains at prices up to 300 per cent above current land values. The company has coal exploration rights in the area.
Federal Member for Parkes, Mark Coulton, said he was “extremely alarmed” at reports Shenhua had bought large tracts of prime agricultural land.
“I have grave concerns about the sale of nearly 200 square kilometres of farmland to the Chinese Government to remove up to one billion tonnes of coal for their own purposes,” he said.
“I have received reports four or five properties may have already changed hands, with a settlement to be reached at a later date.
Mr Coulton understood Shenhua was paying two to three times market value, although settlement apparently depended on the Foreign Investment Review Board approving the company’s investment in coal exploration.
The NSW Government last year granted Shenhua a coal exploration licence for five years over 190 square kilometres in the Watermark area 35 kilometres south-east of Gunnedah.
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