Business

Coal lode is better than was thought

A COMPANY partly owned by billionaire mining magnate Gina Rinehart has announced a coal deposit it is exploring near Bundaberg is a third bigger than previously thought.

In a statement to the Australian Securities Exchange (ASX) International Coal said drilling operations had shown the deposit would yield 37.9 million tonnes.

That is up from the 28.5 million tonnes the company announced nine months ago.

The company also said the seams were sampled and found to have hard coal coking characteristics comparable to hard coking coal mines in the Bowen Basin.

Company CEO Glenn Simpson said the joint venture continued to receive good results from the Bundaberg Project.

"We look forward to developing a program for further refining our understanding of the resource, its size and continuity," he said.

International Coal told the ASX in February its drilling results near Bundaberg had shown the deposits were extremely high-quality coking coal.

Mr Simpson said the Bundaberg Project remained a key project for the company and the board and management intended to progress its development as a matter of priority.

The value of the coking coal resource near Bundaberg is likely to be in the billions of dollars.

International Coal told the ASX it holds title to three tenures in south-east Queensland which held the potential for coal resources.

The Bundaberg Project covered an area of about 24.9 sq km.

The company plans to increase its exploration activity south of the Kolan River next year.

Mrs Rinehart earned the right earlier this year to acquire a 25% stake in the Bundaberg Project.

She has an agreement under which she can eventually acquire up to 51% of the project. The joint venture is one of several into which Mrs Rinehart has entered in Queensland in the past two years.

Topics:  coal, gina rinehart, hancock coal, international coal




Police want to speak to two men following wilful damage

Police want to speak with men in photos

City Aldi opening hours revealed

OPENING SOON: Aldi in Maryborough Street opens on Wednesday 3 August.

Store will offer supermarket competition

Latest deals and offers

The Bachelor host: this year's season is a cracker

The Bachelor host Osher Gunsberg.

GUNSBERG says tonight will be "the best night of TV of the year".

Kerri-Anne Kennerley to Sonia Kruger: "Stay brave"

She said her television peer should "stay brave"

Swimwear designer looking for love on The Bachelor

Noni Janur on her first day of filming.

The 25-year-old is one of 22 women vying for Richie Strahan’s heart

Three reasons your mind will be blown this week

Alan Dale and Jacki Weaver in a scene from the TV series Secret City.

THREE shows on Foxtel to make your mind boggle.

Elena wins MasterChef: “I’m ecstatic and eager to celebrate"

MasterChef Australia 2016 winner Elena Duggan, from Noosa.

NOOSA chefs survive marathon grand final dish by Heston Blumenthal.

You can own this Queensland town for just $1

Yelarbon

Unprecedented auction of town's business centre with no reserve

Work starts on $15M Caloundra apartment building

Turning the first sod at the Aqua View Apartments site in Kings Beach are (from left) husband-and-wife developers Alex Yuan and Stella Sun with construction company Tomkins director Mike Tomkins and Councillor Tim Dwyer.

Developers excited about addition to Kings Beach skyline

72-year-old Coast developer set to start new project

GREEN LIGHT: The Cosmopolitan has been approved for development at Cotton Tree.

Meet the Canberran set to deliver another chapter for Coast suburb

Plans revealed for 1500-lot 'master-planned community'

Precinct will be bounded by Boundary St and Shoesmith Rd

Ecco Ripley sales run sparks prime release

MOVING IN: Sekisui House has announced the release of more residential blocks at Ecco Ripley.

Sekisui House is preparing to unveil more land at Ecco Ripley

The climb is slow but property on the way up

Michael Matusik, director of Matusik Property Insights.Photo Allan Reinikka / The Morning Bulletin

The improvement would be mild when compared to past cycles