Coromandel Watchdog Challenges Mining Company’ Viability

Coromandel Watchdog of Hauraki are seeking answers from both Hauraki District Council and the Department of Conservation (DOC) about the activities of broke Australian company New Talisman Mining Ltd in DOC land at Karangahake.

“This company had access to DOC land renewed even though they had just been suspended from the Australian Stock Market (ASX) with serious questions being raised about financial viability. They have a history of mining their shareholders and occupying conservation land including blocking a walking track for years without a mining consent being applied for“ says Watchdog Chairperson Catherine Delahunty.

“Having been mined themselves for capital raise after raise, the shareholders of Talisman must be wondering where their money has gone. New Talisman‘s previous CEO Matthew Hill has admitted to making false and misleading representations in breach of the Finance Act and was fined $100,000 by the High Court earlier this year (May 28 2024).

In late June the Company announced that a few of the biggest shareholders are loaning a collective $1.1mil (at19%) to the company in addition to the millions borrowed previously, to keep the company afloat.

“The mine site on the Karangahake maunga is barely operating and New Talisman has not communicated at all with the local community who have a number of questions about what they are doing in the forest park,” Ms Delahunty said. “These questions include what consents are they operating under? How are they being monitored? What bonds have they paid for risks to the environment?”

“Watchdog has requests into both Council and DOC around the viability of allowing an effectively broke company to hire contractors to blast and drill in the mountain above the Ohinemuri River, and the popular walks, rides and conservation areas of the Karangahake Gorge. We want assurances that the these authorities, who are responsible for managing such a significant area, are aware of the state of the company which is being allowed to operate in this forest.

In light of the significant implications of the activity proposed, the group believe that any renewal of a concession and Authority to Enter and Operate for mining activity should have been publicly notified by the Minister of Conservation, and are also raising questions around that process.

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