The mine is planned to be a high productivity underground longwall development of between 6 and 8 million tonnes per annum ROM, he said.
Spur Hill has total JORC mineral resources of approximately 626Mt of which 394Mt are in the indicated category and standalone transport corridor arrangements in place.
On 15 September 2015 Malabar entered into legally binding agreements to acquire 100% ownership of the Spur Hill project.
Approximately $3 million of the company’s successful $6 million entitlement offer proceeds are funding the upfront payment to its joint venture partners in connection with the JV restructure.
The balance of the proceeds provide ongoing capital to Malabar to fund completion and submission of the environmental impact statement and development application and ongoing exploration and engineering studies, Seabrook said.
In addition, the company continues to assess longer term project funding opportunities and growth opportunities arising out of this period of lower coal prices.
