C@ entered into a conditional share sale agreement in late October for the licences after it acquired all of the issued capital of BDBL, a subsidiary of Peabody-Winsway Resources.
The licences cover approximately 625sq.km and are close to existing producing assets and infrastructure, with neighbouring energy-hungry China in close proximity.
Once C@ purchases the licences, it will undertake an exploration program which will demonstrate the economic potential of the coal seams and define a JORC-compliant resource for the tenements.
A former optical company, C@ said following the acquisition, it would consider changing its name to Draig Resources to more accurately reflect the proposed future operations and market focus of the company.
