August 2, 2019
Moreton Resources has received expressions of interest in two of the company’s coal projects, the company’s quarterly report to shareholders has revealed.
Moreton is hoping to develop an open-cut coal mine on the outskirts of Kingaroy.
The quarterly report noted that Moreton had not “progressed” any of the expressions of interest received and “at this time has no plans to divest or dilute ownership of any of its current assets”.
The report noted that the South Burnett coal project was “progressing through EIS (environmental impact statement) and feasibility” studies.
“The Board anticipates those studies will be completed over the next several months,” it continued.
Moreton said it was currently updating a JORC resource report and mine optimisation study for the South Burnett project and “expects to announce to the market updated results over the next quarter”.
“As previously advised to the market, the company has been in talks with a number of top-tier mining companies that seek off-take agreements or sales and marketing rights,” the quarterly report continued.
“The company looks forward to continuing a number of discussions with interested parties … during the next quarter.”
At the end of the June quarter, Moreton had about $81,000 in cash on hand but forecast this could rise to $1 to $1.5 million at the close of the July-September quarter, based on the production of silver from its Texas project.
“This, however, will be dependent upon the Board’s decision to bring down debt which is a also a primary focus of the group.”
The company’s current borrowings are $10.5 million.