Tasmanian timber company Gunns have found yet another investor for the embattled Tamar valley pulp mill. Gunns has signed an agreement with New Zealand billionaire Richard Chandler to raise $380million to help get the floundering project back on track.
The deal will see the Chandler Corporation pay $150 million for a 40 per cent share of the company, and over a hundred million worth of new shares will be released. But will this new injection of funds resurrect the project? Or will anti-mill campaigners pressure force another financier out of the wood chip business?
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