January 9, 2015
Moreton Resources’ application to renew its Mineral Development Licence (MDL) for its holding near Kingaroy was approved by the Department of Natural Resources last month.
In a statement to the ASX, CEO Jason Elks said it was a “significant step forward in the company’s pursuit of an economic coal resource within the Tarong Basin”.
“The granting of the renewal of MDL385 through to 2019 now allows the company to make significant strategic and investment decisions early in 2015, not only in regard to the potential acquisition of near producing assets, but also the potential to fast track further investigative studies for the Tarong Basin asset,” Mr Elks said.
Mr Elks said Moreton was continuing to “advance its obligations” in the rehabilitation of the old Cougar Energy UCG site on MDL385.
“As it continues to close out these historical obligations, it is now able to wholly focus on the development of a conventional coal mining asset, should it continue to prove commercially viable to pursue,” he said.