Gunns shares recover ground
Posted
Shares in the Tasmanian timber company Gunns rallied late this afternoon to close at $1.40.
Earlier in the day the stock had been trading for as little as $1.27.
The price fell 16.5 per cent yesterday when trade resumed after a two-week lay off.
Meanwhile, the Tasmanian Premier David Bartlett isn't offering an opinion on whether the Federal Government should give timber company Gunns more time to show its proposed pulp mill can meet environmental guidelines.
The Federal Environment Department has confirmed that Gunns is seeking an extension of its October the fourth deadline to finalise Commonwealth planning approvals for the two-billion-dollar mill.
A spokesman for the Environment Minister Peter Garrett says the request will be considered in accordance with the act.
Mr Bartlett isn't getting involved in the federal assessment.
"It's a matter entirely for Peter Garrett," he said.
"I don't know the ins and out of the working of his legislation and his decision making process," Mr Bartlett said.
Mr Bartlett has said the State Government's support for the project will end in three months if construction hasn't started.
