International Coal becomes shareholder in coal export terminal

International Coal has been approved as a Class B Shareholder in WICET, the consortium developing the Wiggins Island Export Terminal near Gladstone, Australia.

Class B shareholding will provide International Coal with increased access to information on access availability and progress at the terminal. It is an important first step toward gaining rail and port access for the company’s key coal projects – Bundaberg and Consuelo - in the future.

Bundaberg project

The Bundaberg project is a hard coking coal deposit located near potential port development sites at Bundaberg, and 160 km south of Gladstone and Wiggins Island.

The project is at an advanced exploration stage, with an inferred resource of 37.9 million t. The project is also subject of a recent joint data sharing agreement with Fox Resources who have recently drilled the adjacent tenure.

Consuelo project

The Consuelo project is a semi-soft coking coal project near Rolleston in the Bowen Basin. It is located less than 20 km from the Blackwater Rail System that feeds into coal terminals at the Port of Gladstone, including WICET.

International Coal currently holds a 20% interest in the Consuelo project, with the ability to earn in to achieve up to 71% of the project. The company is planning a small exploration program at Consuelo to begin later this year.

Adapted from press release by Katie Woodward

Read the article online at: https://www.worldcoal.com/coal/12032014/international_coal_becomes_shareholder_in_coal_export_terminal_609/