South Burnett Deputy Mayor Kathy Duff and Mayor Keith Campbell welcomed MRV Tarong Basin Coal’s project manager Pete Jones on Wednesday; Mr Jones and Moreton Resources CEO Jason Elks were in Kingaroy to give Councillors an update on Moreton’s proposed Kingaroy coal mine

June 15, 2017

Moreton Resources executive chairman Jason Elks and MRV Tarong Basin Coal project manager Pete Jones have updated the South Burnett Regional Council on the progress of their proposed Kingaroy coal mine.

The two men visited Kingaroy on Wednesday to speak to Mayor Keith Campbell and fellow councillors after Council’s monthly General Meeting.

Mr Elks told the company was continuing its work on an Environmental Impact Statement for the project, which it expects will be ready by early next year.

Mr Jones said he had been working on preparing the EIS since his appointment in early January.

Over the past few months Moreton Resources have been involved in capital raisings to advance both the Kingaroy coal mine proposal, and its Granite Belt silver mine project at Texas.

On May 3, the company advised the ASX that Mr Elks and non-executive director Tony Feitelson had offered to loan the company $250,000 each when it appeared cash reserves would drop below $100,000 before the end of the financial year.

It was not expected the money would be needed because the company was in negotiations at that time to obtain financing for its Granite Belt project, the statement said.

But the loans provided a reserve to ensure Moreton Resources would not be rushed into any decision that was not in the best interests of shareholders.

On May 31, the company announced it had secured a $6 million debt facility and would undertake a rights issue to raise a further $5 million.

It said the money would be applied to its Texas silver mine project and other interests the group had.

On June 9, the company told the ASX the rights issue had been fully underwritten by Melbourne-based investment house First Samuel Ltd for $4.66 million.

On Wednesday, Mr Elks told he was confident the Texas project would be producing silver within six months.

He also said while Moreton Resources has had a low profile in the South Burnett for much of this year, the company planned to resume a more active role in the near future.

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