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Felix said this morning that a previously announced binding memorandum of understanding with CRC for it to purchase 49% of the Yarrabee mine would not proceed due to CRC “failing to close its financing”
Felix said discussions had commenced with two of the mine’s PCI coal customers who had expressed interest in the mine after the initial CRC announcement was made.
In the 2006 financial year the Yarrabee opencut operation produced 1.65 million tonnes of low volatile PCI coal.
The mine has a life of nine years based on current reserves, but Felix said based on past successes on extending the mine life through exploration in the surrounding tenements, it could stretch the life of the mine further.
