Long-suffering NuCoal shareholders should know about the deliberations of the Independent Commission Against Corruption’s Operation Acacia and its recommendations to the government by the end of the month.

“NuCoal wishes to inform shareholders that it has been advised by the Independent Commission Against Corruption that its first report about Operation Acacia will deal with matters surrounding the initial granting of EL 7270 to Doyles Creek Mining Pty Ltd in December 2008 as well as any recommendations (if any are made) regarding EL 7270,” the company said.

“This updates the position outlined in NuCoal’s statement of August 6, 2013, which advised that any recommendations about EL 7270 would be in a second report on Operation Acacia.

“The company will continue representations to the Premier and other relevant ministers in the NSW government regarding a period of consultation with NuCoal after the report is tabled, but before the government decides on any action about EL 7270 (if any is recommended).”

ICAC was responding to allegations to the corruption watchdog that a mine training school project at Doyles Creek was a pretext to gain approval by then minister for resources Ian Macdonald.

The training school was proposed by former Construction Forestry Mining and Energy union leader John Maitland, who made a windfall profit of $15 million when the project was sold to NuCoal in February 2010.

NuCoal will pursue all legal avenues for compensation from the NSW government if it withdraws the exploration licence for its Doyles Creek tenement after the company spent millions proving up a 512Mt JORC-compliant coal resource.

A company spokesman told ILN:“NuCoal will continue to act in the interests of its shareholders and protect the value of their investment in any manner that is appropriate.

“NuCoal has retained lawyers leading up to and during Operation Acacia, and will continue to seek advice in the interests of NuCoal and its shareholders.”