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The sale of these properties has increased the company’s cash balance by approximately $1.5 million.
On January 31 2014, the New South Wales government passed the Mining Amendment Act, cancelling the Doyles Creek Exploration Licence 7270 with no compensation payable to NuCoal.
The legislation was passed following an inquiry by the Independent Commission Against Corruption.
A contract for sale has been entered into for a third property with settlement scheduled for mid-August. The sale of this third property will also boost cash on hand. Cash and deposits as at June 30 were $0.16 million, according to the company’s June quarterly report.
NuCoal has also extended its Savoy Hill tenement, Exploration Licence 6812 (EL 6812), in NSW’s Hunter Valley until June 20 2018.
The company said it had completed all necessary exploration across the tenement to consider the longer term mining options for the project and undertaken initial marketing analysis for a potential open-cut operation, supplying the nearby domestic power stations.
“Further work will be undertaken as required,” NuCoal said.
