Bulletin Resources’ Ravensthorpe lithium project in limbo after native vegetation clearing appeal dismissed

Shares in Bulletin Resources crashed 24 per cent in early trade on Thursday after the explorer announced its appeal against a decision not to grant it a native vegetation clearing permit had been dismissed. Bulletin wanted to clear 2.3ha to allow access for tracks and drill pads at its Ravensthorpe lithium project but the Department of Mines, Petroleum and Exploration decided not to grant the permit. The activity would have taken place within the Cocanarup Timber Reserve south-west of Ravensthorpe where the endangered Carnaby’s black cockatoo has a significant breeding habitat. The company appealed the department’s decision to the Western Australian Office of the Appeals Convenor in April last year — but on Thursday said its appeal had been dismissed. “Bulletin is reviewing the decision and will consider its next steps,” the company said. Its shares were 4.5¢ at 9am on Thursday but had recovered to 4.7¢ at the close, still down 19 per cent. In April last year Bulletin said it had provided the department with independent environmental advice supported by on-ground surveys indicating the works were low impact and either not at variance or unlikely to be at variance to the Environmental Protection Act clearing principles. But a range of groups were committed to protecting the timber reserve and Carnaby’s black cockatoo habitat, with the Cocanarup Conservation Alliance at the forefront. They celebrated the department’s decision at the time. The Environmental Protection Authority in October 2023 had decided not to assess Bulletin’s proposal, instead saying any restrictions could be enforced through the permit application process administered by the department. Bulletin acquired a 57sqkm tenement for the Ravensthorpe lithium project in 2021. It highlighted the project’s proximity to the now Rio Tinto-owned Mt Cattlin lithium mine — which last year was put into care and maintenance because of low global prices for the battery metal.