Gunns has admitted losing confidence in its $3 billion Bell Bay pulp mill proceeding.
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In a statement to the Australian Securities Exchange it said the board was unable to reach a decision in June on whether the mill was "probable to proceed or not''.
``The decision taken by the board does not necessarily mean that the mill project will not proceed. Rather it is an indication of decreased confidence from the company that it has the ability to influence the mill project proceeding,'' it said.
The decision will have an impact on the value of Gunns Tasmanian forestry assets which have historically been assessed on the basis the mill would go ahead.
The company requested its six month trading halt be extended.
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