Japanese deal with Stanmore praised

QUEENSLAND Resources Council CEO Michael Roche has hailed the funding agreement between Japanese interests and Stanmore Coal to explore its Belview project and with Cockatoo Coal to develop the Dingo project as a turnaround in the state’s beleaguered exploration industry.

Lou Caruana

As reported in ICN Stanmore Coal secured a second tranche of $1.5 million in exploration funding for Belview from Japan’s Taiheiyo Kouhatsu and government-owned corporation, JOGMEC.

“This is another example of an agile, up-and-coming coal company turning the current downturn to its advantage by locking in lower-cost development work ahead of the inevitable demand rebound,” Roche said.

“Last month, QRC welcomed a $3.5 million global partnership between Cockatoo Coal and JOGMEC for exploration at its Dingo West project in the southeast Bowen Basin.

“Both announcements confirm the faith that our leading customers have in the future of the Queensland coal industry.”

Queensland’s coking coal is ranked as the best in the world and in 2013 and 2014, exports were valued around $US20 billion, Roche said.

“We wish Stanmore and partners every success in their latest exploration program, noting this is the fourth such funding arrangement for Stanmore Coal projects from Japanese partners,” he said.

topics

loader