May 7, 2019
Moreton Resources – the company planning to develop a coal mine on the outskirts of Kingaroy – predicts it will start making profits in “late May, early June”.
In a media release, company spokesman Jason Elks said there had been “strong advancement” at the company’s Granite Belt silver project.
“Taking into account current silver prices, the company is forecasting in late June to be generating $600,000 to $800,000 per week which will move the operations ahead and maintain a very strong operating profit month on month, pending production interruptions or operational issues,” Mr Elks said.
“The outlook target and forecasts are focussed upon $1 million revenue above operating costs month on month, from June 2019.”
Mr Elks also said “significant work” had been undertaken recently upon the South Burnett coal project and an announcement was “pending in the coming weeks” about these outcomes.
In its quarterly report to the ASX, Moreton Resources said it had received expressions of interests in two of the company’s coal projects, but did not state which ones.
“At this point the company has not progressed further in regard to any future divestment of co-operation agreements, other than two compliant submissions were made to the company however no decision upon next steps has been made,” the report said.
It said the South Burnett coal project was continuing to progress “through the EIS and feasibility”.
“A review of all previous reports and studies have (sic) now been carried out and a gap analysis is being completed with the objective of then progressing an updated resource study for the project,” the report stated.
It said a new resource and reserves report was expected to be released in May.
“The company has been for some time in talks with several major operators as to potential offtake and/or sales and marketing rights, and as such, will seek to undertake presentation and negotiations upon this front in late May or early June 2019,” the report said.
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On April 29, the company’s Chief Operating Officer Phillip Bryant was appointed managing director. He has formerly worked for BHP, Newmont, Anglo Coal, Peabody Energy and New Hope.
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In its quarterly financial report to the ASX, Moreton reported it had spent $6.5 million over the financial year to date (nine months) and earned $495,000 from the sale or property, plant and equipment.
It had also received $2.2 million from the issue of shares and borrowed $1.5 million. It had $758,000 in cash.
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- Moreton Announces $20m Loss
- Moreton Secures $8.5m Debt Funding
- Moreton Defends Cash Flow Query
- Let Moreton’s Licence Expire: KCCG
- Moreton Weighs Up Sale Of Mine
- Elks Sets Date To Quit As CEO
- Moreton Turns $10,000 Into $13.3m
- KCCG Unveils Coal Rail Maps
- Moreton Delays Release Of EIS
- Protest Group Targets Rail Crossings
- Moreton Says ‘Selective Mining’ Would Extract Cleaner Coal
- Coal Mine Decision ‘By Next Christmas’
- SB Coal Project ‘Well-Advanced’
- Moreton Outlines Plan To Pay Off Tax Debt
- Moreton To Secure Cash Flow
- Taabinga Declared A Coal-Free Community
- Moreton Aims For Coal In 2019
- Moreton ‘Praises’ KCCG Art Project
- Mine Fight Comes Alive With Art
- Moreton Gives Council Coal Mine Update
- Photo Shoot Captures Coal Mine Site
- KCCG Says Moreton Statement Misleading
- Moreton Aims For Rail Corridor
- Moreton Presses On With Mine Plan
- Moreton To Push Ahead With EIS
- Moreton Tax Bill Still In Limbo
- KCCG To Ramp Up Campaign
- Elks’ Role Cut Back Again
- Moreton Appoints Project Manager
- Moreton Starts Mine Approval Process
- KCCG To Make Mine Submission
- Moreton Applies For Mining Licence
- Greens Back Kingaroy Mine Protest
- KCCG Calls For Coal Permit Buyback
- Elks To Resign As Moreton CEO
- Another Step For Moreton Resources
- KCCG Demands Pre-Mining Health Tests
- Crowd Votes Down Mine … Again
- Moreton Faces $8m Tax Bill
- KCCG To Hold Second Anti-Mine Forum
- KCCG Plans Second Forum
- Nannas Take To The Highway
- Kingaroy Coal Mine To Require Federal Approval
- Moreton Looks For Silver Lining
- Between A Rock And Taabinga Village
- Moreton Re-issues Update
- Market Awaits Moreton News
- Moreton Predicts 400-600 Jobs At Mine
- Airport Blocks Cut From Coal Permit
- KCCG Rejects Phone Poll
- Phone Poll Backs Mine: Moreton
- Moreton Takes Mining Plan Out To The People
- KCCG Will Speak To Council
- Nannas Knit Against Mine
- KCCG Meets With State Government
- Coal Mine Fight Spreads
- Moreton Resources Unveils Mine Partner
- Meetings To Discuss Mine
- Moreton Plans To Start Seeking Permits
- Moreton’s Coal ‘Too Expensive’
- Kingaroy Coal Mine? No Way!
- Public Meeting To Discuss Coal Mine
- Stanwell Still Says ‘No’
- Moreton Releases Mine Study Results
- Moreton Resources Eyes Rail Link
- Moreton Buys More Resources
- Mining CEO Talks To Council
- KCCG Sees No Future For Mine
- Green Light For ‘Next Step’
- Moreton Board To Consider ‘Next Step’
- Moreton Resources Splits Off South Burnett Holdings
- Moreton Resources Extends Licence
- Controversial UCG Plant Vanishes
- UCG Plant Starts To Disappear
- Moreton To Begin Mine Concept Study
- Moreton Responds To MP’s Comments
- Moreton Aims To Press On
- Stanwell ‘Rejecting Billions In Savings’
- Stanwell Rules Out Moreton Coal
- ‘Enough Coal For 30-Plus Years’
- Concept Study Next Step For Proposed Coal Mine
- Moreton Triples Coal Estimates
- Coal Mine Review Delayed To July