The pulp mill that refuses to die

Picture courtesy : Pulp The Mill

Tasmanian timber company Gunns have found yet another investor for the embattled Tamar valley pulp mill. Gunns has signed an agreement with New Zealand billionaire Richard Chandler to raise $380million to help get the floundering project back on track.

The deal will see the Chandler Corporation pay $150 million for a 40 per cent share of the company, and over a hundred million worth of new shares will be released. But will this new injection of funds resurrect the project? Or will anti-mill campaigners pressure force another financier out of the wood chip business?

[audio https://czengerer.files.wordpress.com/2012/03/wwgunns08022012.mp3]

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This story first appeared on The Wire on 08/02/2012

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