Bowen Coking Coal seeks lease for new open-cut mine
The company describes the move as a significant milestone in the critical path to converting the coking coal project to a producing asset.
It is looking at a contractor-operated open cut along with highwall mining, with the coal to be washed off site through a toll agreement.
The proposal is based on a mine plan targeting a high-quality coking coal and secondary PCI coal from the Leichhardt and Vermont seams in the Rangals coal measures, similar to regional operating mines.
The project hosts a 8.7Mt resource, including 5.7Mt classified as measured and 2.6Mt classified as indicated.
Bowen Coking Coal expects to lodge the Environmental Authority application for the project within the next quarter.
“The BCB team has been extremely busy in the background preparing the MLA and Environmental Authority Application and to do everything necessary to expedite the approval process,” managing director Gerhard Redelinghuys said.
“The Board is very focused on being able to convert one of its low-capital development projects into a producing coking coal mine, and the MLA is obviously a critical step in this process in relation to Isaac River.
“In the event we can secure the necessary regulatory approvals, the recent transaction with M Resources, in particular the $15m Finance Facility, places the Company in an extremely strong position to achieve this goal, without significant dilution to BCB shareholders. ”
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