Aston Resources: Maules Creek Tenement Approval Ongoing

The approval process for the largest tenement at Aston Resources Ltd.'s (AZT.AU) Maules Creek project has yet to be fully clarified following a change of government in Australia's New South Wales state, the coal developer said Wednesday.

In a quarterly report, Aston said it had lodged a development consent and mining lease renewal in February for CL375, a tenement covering the southern part of the Maules Creek project. That was expected to be assessed under existing regulations, but "following the change in government, the definitive planning and approval process is not yet fully clarified", Aston said.

The incoming coalition government in New South Wales, one of the world's largest coal export basins, has pledged to review several licenses granted to miners under the previous government.

White Energy Co. Ltd. (WEC.AU) earlier this month called off a planned A$500 million acquisition of privately-owned Cascade Coal Pty. Ltd., saying that ongoing reviews had raised uncertainty about whether the project could go ahead.

Aston bought Maules Creek--its sole significant asset--from Rio Tinto PLC (RIO) for A$480 million in November 2009, but the company is now valued at A$1.97 billion.

-By David Fickling, Dow Jones Newswires; [phone]; [e-mail]