Moreton awaits fate

THE mining company that wants to build a coal mine outside of Kingaroy is still awaiting a decision about owing more than $8 million to the ATO.

In August last year it was announced the company owed more than $8 million to the Australian Taxation Office.

The company appealed through the Administrative Appeals Tribunal in February.

In an ASX announcement, Moreton Resources executive chairman Jason Elks said the company was still waiting for a decision.

Mr Elks said he looked forward to the AAT decision and said the company had agreed to a payment plan if the decision were to go against them and it had exhausted all other options.

"While the board believes it is highly unlikely of an adverse finding, the company has been working in conjunction with the Australian Taxation Office to ensure the interests of the ATO and the company are maintained and hence we have entered a binding agreement where the company has agreed upon the terms of payment of potential debt which leaves the determination upon when such debt will be payable and this has been addressed in a lengthy definition,” he said.

"Bowen Basin Coal Pty Ltd has acted as a guarantor for Moreton Resources Limited.

"It is when all avenues of appeal and due process are exhausted which include but are not limited to the AAT, the Federal and High Court and if it is an averse decision against MRV, hence should either party choose to appeal and escalate the adverse AAT decision there are numerous steps to continue this dispute which could move into several years prior to resolution.”

Topics:  asx ato coal mine kingaroy moreton resources

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