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Australia to pay China's Shenhua $200 million to buy back mining licence

Reuters  |  SYDNEY 

SYDNEY (Reuters) - Australia's New South Wales state said on Wednesday it would buy back half of a coal exploration licence from China Shenhua Energy Co Ltd, bowing to pressure from farmers and environmentalists opposed to mining on prime agricultural land.The government of Australia's most populous state said it had agreed to pay A$262 million ($200 million) to buy back 51.4 percent of Shenhua's exploration licence on the Liverpool Plains 400 kms (250 miles) northwest of Sydney."Under this government there will be no more exploration and no mining on the fertile black-soil plains of the ...

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First Published: Wed, July 12 2017. 10:58 IST