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Quality assessment of drill cores from the tenement shows a prime hard coking coal which Northern Energy says compares favourably with other Australian hard coking coals.
“Burrum hard coking coal specifications compare well with the high end of the coking coal spectrum and we expect it will be priced accordingly,” Northern Energy managing director Keith Barker said.
The company is now preparing a mining lease application and environmental management plan as it negotiates with a short list of parties interested in investing in the project.
Colton is expected to produce about 200,000 tonnes per annum over an initial mine life of five years.
Northern Energy is also assessing an expansion of production and extension of the mine life.
Northern Energy was trading steady this morning at $A1.60.
