One of Gina Rinehart’s partly owned mining company, International Coal, has announced a massive coal deposit that it is currently exploring in the Maryborough Basin is a over 30 per cent bigger than previously thought.
In a statement to the Australian Securities Exchange (ASX) International Coal said drilling operations indicated the Queensland coal mine deposit could yield up to almost 38 million tonnes of coal.
International Coal announced to the Australian Stock Exchange the coal seams that have been sampled appear to have hard coal coking characteristic, which are very similar to the hard coking coal found in the Bowen Basin.
The highly active coal mining company told the ASX in February 2013 its drilling results near Bundaberg had shown the coal deposits were extremely high-quality coking coal. The location of the coal deposit is situated about 120km north of Maryborough and 40km west of Bundaberg.
Company CEO Glenn Simpson said the joint venture was providing encouraging 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.
Mr Simpson said the Bundaberg Project remained a key project for International Coal and the board and management intended to move forward rapidly with the coal mine development.
It’s estimated the value of the coking coal resource near Bundaberg could be somewhere in the billions of dollars, with a project of this magnitude creating the opportunity for a new swell of mining job vacancies.
Read the International Coal ASX release and learn more about this new mining project in Queensland.
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Reference: Billion Dollar Queensland Coal Mine Discovery