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Minerva, a greenfields deposit south of Emerald in Queensland’s Bowen Basin, will be developed as a 2.5 million tonne per annum open-cut mine supplying PCI and thermal coal for export.
The deal includes an upfront payment of A$1.75 million, another payment of $1.75 in 12 months, and annual payments of $500,000 for eight years once production is underway. Royalties are payable on any underground coal and coalbed methane production.
A mining lease has already been granted for the greenfields deposit and a feasibility study is well advanced.
Minerva is being progressed parallel with a Yarrabee expansion which will take the mine’s capacity and sales to 1.7 million tonnes per annum.
