{"id":118519,"date":"2015-08-25T23:33:16","date_gmt":"2015-08-25T13:33:16","guid":{"rendered":"http:\/\/southburnett.com.au\/news2\/?p=118519"},"modified":"2020-11-10T15:38:09","modified_gmt":"2020-11-10T05:38:09","slug":"moreton-board-to-consider-next-step","status":"publish","type":"post","link":"https:\/\/southburnett.com.au\/news2\/2015\/08\/25\/moreton-board-to-consider-next-step\/","title":{"rendered":"Moreton Board To
Consider ‘Next Step’"},"content":{"rendered":"
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Moreton Resources CEO Jason Elks at the rehabilitated UCG plant site on Tuesday<\/figcaption><\/figure>\n

August 25, 2015<\/strong><\/p>\n

The Board of Directors of Moreton Resources will decide within the next few weeks whether or not to proceed with the next stage of its coal mine project near Kingaroy.<\/p>\n

Moreton Resources CEO Jason Elks told southburnett.com.au<\/strong> the next step was a formal pre-feasibility study which could cost the company between $500,000 and $2 million to complete.<\/p>\n

This study would take up to six months.<\/p>\n

At the end of this, Moreton Resources hopes to have a document that would prove that it has a viable product to offer.<\/p>\n

“We will come up with a final figure, and final quality. Then ‘someone’ has something to consider …” he said.<\/p>\n

Mr Elks said that unless Moreton could prove its coal would be a cheaper and better alternative (to coal already available to Tarong power station), the project would not proceed.<\/p>\n

“But we believe we have a quality asset,” he said.<\/p>\n

“If we have nowhere else to sell it and we are about to spend a lot of money,\u00a0 it shows we have a lot of faith in this project.”<\/strong><\/p>\n

If the mine goes ahead, it would most likely be located on part of Moreton Resources’ licence area which is owned by Stanwell.<\/p>\n

The rehabilitation of the former Cougar Energy underground coal gasification area is all but finished.<\/p>\n

Mr Elks said the dams and dam linings had been removed, the land re-shaped and all metal and concrete removed.<\/p>\n

The original footprint of 45ha has been reduced to just 1ha, which is basically and office and shed for Moreton staff to use during the development of the coal project.<\/p>\n

The 54 wells linked to the project have been cut back to seven, and Moreton were negotiating with the State Government to reduce this to three.<\/p>\n

Old wells have been concreted and capped 2m under the soil surface with a metal plate that explains the history of the site.<\/p>\n

Mr Elks said he would invite a local community group to assist with the re-seeding of the land as a fund-raiser later this year.<\/p>\n

Earlier this month, Moreton Resources announced a new company structure which basically split its three current projects into three fully-owned subsidiary companies.<\/p>\n

Mr Elks said the new structure gave Moreton more flexibility as it moves ahead, plus an ability to offer equity in individual projects to potential investors.<\/p>\n

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