Kenham holds coal exploration licenses and license applications in both the north and south islands of New Zealand. Under the MOU Eastern will assess the available geological data and economic viability of Kenham’s existing coal assets and proposed acquisitions.
Eastern chairman Gordon Smith said the MOU was a “strategic partnership that is focused on identifying suitable coal projects in New Zealand and developing them into cash producing assets.”
Smith has a history of developing coal projects, including the Foxleigh opencut metallurgical coal mine in Queensland’s Bowen Basin. He is joined by recently appointed eastern chief executive officer Paul Williams, who said the proposed projects complemented the company’s existing coal interests in Australia and New Zealand.
Eastern is currently considering options to purchase the shares of Restpine which holds an exploration permit at Whareatea West in New Zealand’s south island. Discussions are underway to begin drilling to identify coking coal reserves.
Restpine also holds Broughton in Queensland’s Bowen Basin. Results from the recent drilling program will be released in the near future.
