Mining company NuCoal Resources is holding out hope it might eventually be compensated for a cancelled coal exploration licence in NSW.
NuCoal was stripped of its Doyles Creek exploration licence when the state government introduced laws in 2014, in line with recommendations from the ICAC after an investigation into figures including former Labor powerbroker Eddie Obeid and former mining minister Ian Macdonald.
Fellow miner Cascade Coal also had its licences for Mount Penny and Glendon Brook in the Hunter Valley torn up after the watchdog found they were all "tainted by corruption".
The miners, and Cascade's former director Travers Duncan, on Wednesday lost their High Court legal challenge to have the laws overturned and sue the NSW government for compensation.
NuCoal says it is still pursuing action over its lost licence in the NSW Supreme Court, in which it has asked to carry out a judicial review of the ICAC's findings.
"If the court finds in our favour it will give us a basis to seek compensation for our loss from the NSW government," NuCoal said in a statement on Thursday.
The miner is also pursuing claims on behalf of its overseas based shareholders under Australia's free trade agreements to bring international action against the federal government in the hope of obtaining compensation.
NuCoal's statement coincided with a plunge in the miner's share price after the stock returned to trading.
Its shares had been placed in a trading halt on Wednesday ahead of the High Court's decision.
The stock fell 0.9 of a cent, or 69 per cent, to 0.4 of a cent, a far cry from its all time highs of around 61 cents in 2010.
In their High Court challenge, NuCoal, Cascade and Mr Duncan argued that in passing the legislation in 2014 the NSW parliament had exercised judicial powers it did not have under the constitution.
The High Court unanimously found that the state acted within its powers.
NuCoal acquired the Doyles Creek licence in 2010, two years after it was originally awarded by Mr Macdonald to union official John Maitland who turned his initial $165,000 investment into $15 million.
The mining company has always maintained it is an innocent party and that its shareholders have been unfairly affected by the laws.
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