Another major shareholder has cut ties with Compliance Energy Corporation and the proposed Raven Coal Mine project in the Fanny Bay area.
Compliance announced LG International Corporation of Korea, which owns 20 per cent of the proposed coal mine, has backed out of the project.
In 2013 a Japanese firm – Itochu Corporation – withdrew its 20 per cent stake.
Compliance has applied unsuccessfully on two separate occasions for a mining application for the site.
The Environmental Assessment Office rejected an application in May of 2013 and earlier this year Compliance withdrew a second application, citing “ misconceptions about the project”.