August 14, 2014
While Moreton Resources seems bullish about the prospects of its Kingaroy coal resource, nearby Stanwell – the potential buyer for the coal – seems far less enthusiastic.
“Stanwell has enough coal at its Meandu Mine and the adjacent Kunioon mineral development licence (MDL) 201 to last well beyond the likely closure of the Tarong power stations in around 2035,” a spokesman said today.
“We need no further coal from any other source, including Moreton Resources.
“We are not a potential customer or partner for Moreton Resources, formerly Cougar Energy, and we have communicated this to Moreton Resources.
“The only discussions that Stanwell has been involved in with Moreton Resources is regarding Moreton Resources’ rehabilitation plans for its Underground Coal Gasification plant, situated on Stanwell-owned land south of Kingaroy.
“The plant was closed several years ago.”
Discussions on an online investment website – where potential shareholders of various companies swap gossip – are treating the Moreton Resources proposal with caution.
While some are praising CEO Jason Elks’ confidence in the company through a recent share purchase, others are questioning the viability of the mine which Mr Elks has already conceded has no export potential.
They are also wary of a potential backlash by the Kingaroy community following the negative reaction to Cougar’s UCG trial.