Japanese government invests almost $700,000 in Bowen Basin mining exploration venture.
Stanmore Coal has secured exploration funding for the Bowen Basin Belview Coking Coal Project from Taiheiyo Kouhatsu and Japanese Government Owned Corporation (JOGMEC).
Taiheiyo will provide marketing support for coal from the Belview Project into Japan. Additional core holes will be drilled to determine the size of the resource deposit. This is yet another indication that the Bowen Basin coal deposits in Queensland hold valuable resources that attract the attention of our Asian neighbours. Drilling is expected to end around the end of March this year.
This new agreement entitles Taiheiyo to buy up to 100,000 tonnes of coal over the initial 3 year per period of operations at Belview, where they will receive a $2 a tonne discount.
Where is the Belview Project?
The Stanmore Coal Belview Mining Project is situated in the middle of the Bowen Basin. The present resource is estimated to be around 322 million tonnes with an additional exploration target of up to 306 million tonnes of coal. The coal found in the massive deposit is high grade and has the ability to produce a hard coking coal product with an expectation of a secondary pulverised coal injection product.
Stanmore Coal has submitted a mining lease application to the Queensland Government and is hoping that 2017 will see the first coal extraction begin. For those people looking for future opportunities in the Queensland coal mining industry, especially the Bowen Basin.
Another quality that attracts Asian investment in these types of coal products is the appeal low ash and low sulfur emissions.
Asia suffers from a chronic situation of heavy smog which is a bi-product of over extended industry, excessive vehicle emissions and weather conditions therefore any attempt to lessen the impact of fuel fired power generation systems is a primary objective of those governments responsible for maintaining a reasonable quality of life for its citizens. Situations such as this are an indication for Australian coal mining company’s that there are indeed export opportunities arising from Asia’s new outlook in terms of a cleaner, environmentally friendly future.
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