The Isaac Plains Marketable Coal Reserve of 3.7 Mt is derived from a run of mine (ROM) Coal Reserve of 5.0 Mt that is JORC compliant based with a predicted yield of 73%. The 3.7 Mt Marketable Reserve is included in the 48.2 Mt JORC Resource (15.2 Mt Measured + 23.0 Mt Indicated + 10.0 Mt Inferred Resource).
The Isaac Plains East Marketable Coal Reserve of 8.3 Mt is derived from a ROM Coal Reserve of 10.3 Mt that is JORC compliant based with a predicted yield of 81%. The 8.3 Mt Marketable Reserve is included in the 28.7 Mt JORC Resource for Isaac Plains East (18.7 Mt Indicated + 10.0 Mt Inferred Resource).
Stanmore Coal has defied the downturn in the coal sector to become Australia’s newest coking coal producer. Since taking formal ownership of the mothballed mine for $1 in November 2015, Stanmore has re-started operations and produced first coal in April 2016, creating more than 150 direct jobs.
The mine will produce 1.1 million tonnes per annum of coking coal for export to Asian steel mills, generating yearly royalties of more than $7 million to the Queensland government. With expansion plans, royalty payments from the mine are expected to grow in coming years.
As part of the acquisition, Stanmore also took ownership of more than $350 million of operating assets including a dragline, coal handling plant and train loading facilities that will support both the Isaac Plains mine and the company’s neighbouring Isaac Plains East deposit.