February 13, 2020
Moreton Resources informed the ASX on Thursday of the withdrawal of its Mining Lease Application for its proposed Kingaroy coal mine.
“As per recent announcements, the company has been working with the Department of Natural Resources, Mines and Energy on what are the next appropriate steps in relation to the Mining Lease Application process,” the statement by CEO and Managing Director Phillip Bryant said.
“As a result, it has agreed to withdraw the Mining Lease Application lodged over a portion of the company’s South Burnett Coal Project (MLA 700015).
“The company will retain the Mineral Development Lease (MDL 385) and Exploration Permit For Coal (EPC 882) as this is a significant project with coal resources and economic value.
“The strategic focus of the company currently is the Granite Belt Project, with projected operational cashflow upon re-start enabling further development of coal projects.”
Moreton also told the ASX that a decision in its Administrative Appeals Tribunal hearing – linked to its original Cougar Energy UCG project – has been reserved.
“Pending favourable outcomes of the legal issues, significant capital will be made available to allow re-start of the Granite Belt Project,” Mr Bryant said.
MDL 385, which covers an area of 899ha and includes the site of Cougar Energy’s failed UCG project, was applied for in December 2007 and granted in 2009. It expires on February 28, 2022.
EPC 882 was granted in September 2004. Moreton Resources bought it from Cockatoo Coal in 2015. It is due to expire on September 26 this year.