Clermont mine one step closer
CUESTA Coal has secured $15million from its Chinese backers to advance the Moorlands thermal coal project north-west of Clermont.
Major shareholder Beijing Guoli has injected the funds into Cuesta, a sign that managing director Matthew Crawford believed would increase the likelihood of securing project finance for the mine's construction phase.
"The agreement significantly strengthens Cuesta's balance sheet and allows Cuesta to continue to work toward achieving its development objectives at Moorlands, in particular the operational focus on advancing the definitive feasibility study," Mr Crawford said.
"This is particularly pleasing given the challenging market conditions currently faced by emerging coal companies and the limited availability of funding.
"Beijing Guoli recognises the potential of the Moorlands project."