Linc still missing buyer for tenement

ON THE HUNT: Endocoal has discovered coal seams at depths of 11m to 70m at its Orion Downs project, west of Rolleston. cont
ON THE HUNT: Endocoal has discovered coal seams at depths of 11m to 70m at its Orion Downs project, west of Rolleston. cont

LINC Energy will continue to fly the ‘for sale’ flag on its Teresa coal tenement between Emerald and Capella while proving up its resources to suitors.

The company this week announced it was planning to start work on an environmental impact statement early next year as a market precursor to a mine which would be sited on the Nogoa River floodplain.

Linc said while it was working with potential buyers of the resource, previously valued at $520 million, it will carry on drilling four core holes to develop and de-risk the asset which has been identified as a potential underground coking coal mine.

It has also committed to the feasibility study for Stage 2 of the Wiggins Island Coal Export Terminal at Gladstone.

“Linc Energy has completed four new holes on the coal resource to better define the coal quality,” the company announced of work on its three adjoining tenements, EPCs 980, 1267 and 1226.

“Further drilling is planned for later this year, with particular emphasis on the areas to the north-east of the block adjacent to BHP’s Crinum mine and Rio Tinto’s Kestrel extended coal areas with the aim of developing more coal at depth.”

Linc chief executive officer Peter Bond said it was important to continue to develop “this world class asset irrespective of how close we believe we are to a coal sale”.

Meanwhile, a junior coal explorer has increased its resource by 54 per cent on tenements west of Rolleston.

Sydney-based Endocoal Limited reported finding low ash thermal coal seams almost 10 metres thick, with an average of 7.2m at its Orion Downs project.

“We are very pleased with the performance of our exploration team,” said manager director Rod Austin.

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