{"id":75539,"date":"2014-07-24T18:43:01","date_gmt":"2014-07-24T08:43:01","guid":{"rendered":"http:\/\/southburnett.com.au\/news2\/?p=75539"},"modified":"2020-08-26T20:03:10","modified_gmt":"2020-08-26T10:03:10","slug":"moreton-triples-coal-estimates","status":"publish","type":"post","link":"https:\/\/southburnett.com.au\/news2\/2014\/07\/24\/moreton-triples-coal-estimates\/","title":{"rendered":"Moreton Triples Coal Estimates"},"content":{"rendered":"
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Moreton Resources CEO
Jason Elks<\/figcaption><\/figure>\n

July 24, 2014<\/strong><\/p>\n

Moreton Resources’ coals reserves at Coolabunia have the quality and tonnage “to sustain a substantial, long-term mining operation”, the ASX was told today.<\/p>\n

In a statement to the Exchange, Moreton CEO Jason Elks said the results from tests in 42 new holes across the holding had been analysed by an independent consultant.<\/p>\n

They showed the “indicated and inferred” coal in the area could be upgraded 200 per cent.<\/p>\n

The consultants had estimated a total coal resource of 221.2MT within the tenement (including 122.3MT measured and 82.5MT indicated); up from the previous level of 73MT (indicated and inferred).<\/p>\n

Mr Elks said Moreton Resources would now move to finalise its preliminary Mine Concept Study to determine how much of the area could be converted into a mining reserve and at what strip ratio.<\/p>\n

“Following which, the company will be in a position to further assess the commercial viability of any decision to further advance the project,” Mr Elks said<\/strong>.<\/p>\n

Moreton hopes to be able to deliver coal suitable for power generation at Tarong at a lower cost than the adjacent Meandu mine.<\/p>\n

“We believe the work currently being carried out will demonstrate that there is a commercial case to consider the (Moreton) asset as a potential alternative supply, be it with the current operator (of Tarong) or a future operator through divestment of power generation assets,” Mr Elks said.<\/p>\n

“(Moreton) is aware that the incumbent power generator, Stanwell Corporation, states it has sufficient coal to supply the Tarong Power Stations up until at least 2035.”<\/p>\n

He said the company had not entered into commercial negotiations with Stanwell – or approached any potential acquirer – other than to advise of Moreton’s progress.<\/p>\n

Mr Elks said a key component of any decision-making would be community engagement and environmental concerns.<\/strong><\/p>\n

“However this is a contemplative project at this stage and is by no means an imminent proposition.<\/p>\n

“We certainly have staff regularly attending the Kingaroy region and talking with stakeholders in a staged process about our activities around community and environment.”<\/p>\n

Moreton Resources is the restructured company formed after the failure of Cougar Energy’s underground coal gasification trial at Coolabunia.<\/p>\n

Mr Elks said that notwithstanding the potential for a coal mine on the site, the new Board of the company remained committed to dismantling and removing the UCG plant and fulfilling its environmental responsibilities.<\/p>\n