Cockatoo Coal Ltd, through its wholly owned subsidiary SE QLD Energy Ltd, has reached an agreement with Moreton Resources Ltd’s subsidiary MRV Tarong Basin Coal Pty Ltd for the sale and transfer of tenement Kingaroy Tenement EPC 882. This will join Moreton’s MDL 385 asset.
Cockatoo aims to focus on expanding its metallurgical coal mine at Baralaba and the company has indicated that this sale therefore helps align with achieving this aim.
Moreton Resources will fund the transaction from current cash reserves within the company. It has been looking to find strategic access areas to assist with the development of MDl 385. The company feels this acquisition will potentially ease any concerns as to overrun with footprint of its potential site layout that may come from the result of its formal pre-feasibility study process.
The transaction is dependent on government approvals for transfer of the tenement and finalisation of due diligence.
Cockatoo will maintain an extensive and strategic Surat Basin position through various wholly owned coal projects containing over 780 million t of JORC compliant coal resources.
Moreton has indicated that it looks forward to keeping the market up to date with the developments of MDL 385 and its progression with the pre-feasibility study.
Edited from press release by Harleigh Hobbs
Read the article online at: https://www.worldcoal.com/coal/23092015/cockatoo-coal-and-moreton-resources-enter-binding-purchase-agreement-2899/