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Gunn’s bank – ANZ – wonders if it will lose face more face than it makes in profits if it lends to the unpopular project

Posted by gmarkets on 8 October, 2007

Gunns – customer of ANZ for more than 20 years could lose its bank. According to Stephanie Peatling, writing in The Sydney Morning Herald, (6/10/2007), p. 5, one of the country’s largest banks, – ANZ, was to consider whether it would fund the Gunns pulp mill, saying it must assess whether the Tasmanian project meets its environmental standards. Commis­sioned an independent review: In a statement the bank said it had commis­sioned an independent review of the $1.7 billion Tamar Valley mill, approved by the Federal Government on Thursday. “The review is testing the tech­nical aspects of the mill’s design and its overall feasibility with reference to engineering specifi­cations, design plans and other supporting information,” it said. “As this project proposal in­volves significant social and/or environmental issues, the tech­nical review will also include an assessment of the adequacy of measures proposed by the com­pany to manage these risks on an ongoing basis.”

The Sydney Morning Herald, 6/10/2007, p. 5

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