Buyers make a bid for Teresa coal tenement
LINC Energy has progressed to the final stages of negotiations with four bidders for its Teresa coal tenement between Emerald and Capella.
Linc received “a strong level of interest” in the deposit originally offered with a $500 million price tag and soon hoped to reach a binding sale agreement, a spokesman said.
“The timing of the sale of any coal asset and indeed even who the final buyer will be is often difficult to predict during a sale process,” Linc chief executive officer Peter Bond said.
“From my discussions with potential suitors for the Teresa coal asset, the recent stock market correction does not appear to have affected their long-term view or their immediate requirements.”
Linc has continued to develop the Teresa coal mine operation, predominantly on land owned by fifth-generation farmer Larry Daniels and situated on the Nogoa River floodplain.
A mining lease application has been lodged, and an environment impact study begun.
Mr Bond said while all negotiations remained confidential, Linc would continue to update the market as the pace of talks quickened.