Protestors Tip to Sell OGL

Published: June 03, 2013

Protestors have welcomed the public to the annual general meeting of OGL Resources this morning in Sydney, telling shareholders that social and environmental risks of the would-be coal producer make the company a risky investment.

OGL Resources seeks to re-open and expand two coal mines an hour’s drive west of Brisbane in the Bremer Valley near the rural Queensland town of Rosewood, with plans to build a new 1.5 million tonne Coal export terminal in the Port of Brisbane, transporting the coal through the city by up to 70,000 trucks every year.

Protestor Shaun Murray says that OGL has been tight-lipped about the effect of their operations on Bremer Valley. “OGL’s new coal expansion will affect 400 farmers in the Bremer Valley, will destroy valuable koala habitat, and will expose Brisbane residents to a new coal dump,” said Mr Murray.

Local tourism business operator Graham Turner will be impacted by the development. "If coal mining is allowed to proceed in this beautiful productive area, then existing business enterprises, such as mine, will be lost" said Mr Turner, owner of Spicers Hidden Vale Retreat.

"Large numbers of farming families will be displaced, historic properties will be destroyed and the health of people living in the region will decline.

The protestors showed support by giving out free financial advice to shareholders, highlighting the health risks of mining coal near residents of Rosewood and increasing coal dust exposure in portside suburbs.

The protestors also highlighted the financial risks within company, whose share price had fallen 65% in the last year and has posted their fifth consecutive loss.

"With a coal price that is tanking, a high Australian dollar and a need to find $100 million in a hurry, the outlook for OGL is bleak," said Mr Murray. "There has never been a better time to sell OGL."

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