Explorer targets 5 projects
You probably won’t have heard of them but explorer has big ambitions for CQ coal.
Wednesday 04 October 2017
A small exploration mining company called Bowen Coking Coal Ltd (BCB) has acquired the Comet Ridge Coal project near Springsure and has designs on five other potential coal projects in the Bowen Basin including the Hillalong project near Nebo.
BCB paid Acacia Coal around $350,000 and issued them around 17 million shares in return for the Comet Ridge coal project - which according to Acacia is a 10.4 million tonne (JORC) resource North East of Springsure.
In April this year after more than two years in the land court, Acacia resolved the legal issues stalling the project, saying the way was cleared for the development of a coal mine.The Hillalong and Cooroorah transactions are yet to finalise.
However, it’s understood BCB acquired interests in both mines when they purchased a company called Coking Coal One Pty ltd who had ownership agreements in place with Australian Pacific Coal.
The Hillalong tenement is adjacent to the Hail Creek coal mine, and Rio Tinto had a close look at buying the Hillalong project in 2015 but instead walked away when coal prices collapsed.
The Cooroorah tenement is between Curragh and Jellinbah mines near Blackwater. That project has advanced to the mineral development licence stage and has a deposit of around 125 million tonnes of metallurgical and thermal coal.
The two other projects BCB is pursuing are the Lilyvale and Mackenzie coal projects both owned by Stanmore Coal. The Lilyvale project (formerly known as Theresa Creek) is 25km north east of Emerald and near the Kestrel and Gregory Crinum coking coal mines. The project is currently owned 100% by Stanmore Coal, but at the completion of certain milestones, BCB will acquire 15% via its parent company Cape Coal Pty Ltd.
The Mackenzie project is north of Comet, and a concept study in 2012 looked at a mining operation generating around two million tonnes of coal a year.
BCB’s parent company is Brisbane based Cape Coal Pty Ltd which has interests in gold mining as well as a South African diamond mine.
According to an annual report released last month, BCB had income of $13,000 and had $325,000 in cash at the end of the last financial year.