Months passed before the Overseas Investment Office (OIO) became aware of the fossil treasure trove, which subsequently prompted a public and scientific backlash to the mining proposal.
Plaman lodged its farm-purchase application in February last year, but the OIO only found out about the fossils in mid-2018, when its inquiries found an ecological report, which had been commissioned earlier by Plaman.
''Plaman did not refer to fossils at the Foulden Maar site in its February 2018 application,'' a spokesman for the OIO said when asked about the disclosure timeframe by the ODT.
It was the OIO's further inquiries in mid-2018 which led it to an ecological report commissioned by Plaman, the spokesman said.
''This report refers to the site's scientific values, including its significance for fossils. We considered the report as part of our assessment of Plaman's application,'' the spokesman said.
Similarly, in a leaked, confidential, more than 100-page report by investment bankers Goldman Sachs there is little mention of fossils, other than diatomite being ''fossilised remains of diatoms, a type of phytoplankton''.
The investment document highlighted the diatomite's suitability as feed for the poultry and pig sectors and ''assumptions'' revenue from the venture would hit more than $1billion by 2025.
Goldman Sachs lent Plaman Resources more than $30million for the venture.
Now that Plaman Resources has been placed in voluntary receivership and liquidation, because it was unable to secure more funding and reorganise its structure, the OIO has the application ''on hold''.
The OIO has said the receivership and liquidation did not automatically mean Plaman's farm purchase application was discarded, but Plaman's financial position was relevant to assessment of the application.
Separately, it remains unclear how receiver KordaMentha will deal with the non-operational mine on Moonlight Rd, bought for $5.3million in 2015.
KordaMentha was contacted for comment on how it would now value the mine and whether there were any interested parties, but yesterday declined ''to make any further comment at this stage''.
The ancient volcanic crater lake of Foulden Maar appears to have been ''saved'' and there are calls for government intervention, status change to a heritage site or development of a science-tourism operation.
However, the receivers have an obligation to realise the monetary value of assets for the sake of creditors.
