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In an evaluation carried out by SRK Consulting the project, which is jointly held by Brazilian miner Vale, saw an increase of 1.2 billion tonnes of coal to a total indicated and inferred resource of 3.8Bt.
The increase comprised 1.5Bt of indicated resources and 2.3Bt of inferred resources.
Belvedere's major seams, which sit within the Baralaba Coal Measures, will be targeted for underground mining.
Before yesterday’s upgrade Aquila said the project could sustain underground mining operations of up to three longwalls, producing 11 to 12 million tonnes a year of saleable coal.
Last year Vale (then known as CVRD) acquired 51% of the Belvedere project when Aquila’s former partner, AMCI, sold most of its coal assets.
A long-running court battle followed AMCI’s $US660 million deal with CVRD as Aquila executive chairman Tony Poli argued the deal constituted a change in control.
To date Aquila has retained a 24.5% interest in the project but Poli told ILN’s sister publication MiningNews.Net last month that he expected Vale would acquire the entire Belvedere project within the next two years.
