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Substantial development and exploration drilling, coal quality test work and resource estimation modelling resulted in the significant increases.
The upgraded coal reserves and resources confirm the mine’s ability to supply coal to Tarong Energy for the duration of the coal supply agreement, which grants Tarong an option to buy 5.7Mt of coal annually from the New Acland mine for 25 years, starting in 2011 and concluding in 2035.
The company also reported a 226Mt increase in inferred hard coking coal resources within the Saraji East Project (formerly Phillips Creek) in Central Queensland to a total of 678Mt.
New Hope said it intends to apply for a mining lease for Saraji East during the next 12 months.
