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Stanwell Still Says ‘No’

Filed under Breaking News, Business, Latest News

Stanwell Corporation says it has more than enough coal to power the Tarong and Tarong North power stations

December 21, 2015

Stanwell Corporation, the owner of the Tarong power stations and the adjacent Meandu coal mine, has responded to Monday’s release of a pre-feasibility study by Moreton Resources.

Moreton is proposing to build a second coal mine, closer to Kingaroy, which it believes could supply the two power stations at a more economical cost than the Meandu mine (see separate report).

However, a Stanwell spokesman said on Monday afternoon the corporation has abundant, economic coal to supply Tarong’s power stations from its adjacent Meandu Mine and Kunioon resource “for several more decades”.

“Through its work since acquiring the Meandu and Kunioon mining tenements in 2008, Stanwell has developed a very detailed knowledge of the resources and identified substantial low-cost coal which resulted in Stanwell investing prudently to supply this coal at competitive prices to the power stations,” the spokesman said.

“Stanwell communicated with Moreton Resources in 2014, and subsequently, advising that the Meandu Mine and Kunioon resources contain sufficient, economic coal to support the Tarong power stations until the end of their economic lives.

“Due to Stanwell’s knowledge of its resources and long-term cost focussed mine plan, Stanwell advised Moreton Resources that it was not interested in acquiring coal from the proposed Moreton Resources project.

“Based on a review of the information released by Moreton Resources today, Stanwell can see no compelling economic, or any other reason, to revisit its 2014 decision and remains fully committed to maintaining its own mining operations which already deliver substantial economic and social benefits to the South Burnett and will for many years to come.”

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