The underground coal contractor met the phase 1 works of its deal almost a year ago with Aust-Pac Capital agreeing to transfer the 5% stake to Bounty.
“After completing the administrative process Bounty is now pleased to announce that the Department of Natural Resources and Mines has approved the transfer of the interest, and Bounty now holds a 5% interest in the tenements,” the company said yesterday.
“Bounty has begun the Phase 2 works, completion of which will earn Bounty a further 15% interest in the tenements.”
Under the 2013-struck joint venture arrangements, which include the Kalpowar traditional landowners, Bounty will earn a 40% stake by taking the underground coal project up to the environmental impact statement stage, plus the right to acquire an additional 11% before construction starts.
The Wongai project has an inferred resource of 67.5 million tonnes.
Bounty aims to produce about 1.5 million tonnes per annum of high-quality coking coal through carefully considered underground place change methods.
The coal is expected to be processed onsite and trucked 18km to a northern barge loader before being loaded to larger vessels offshore.
“The proposed barging and transhipment methodology is designed to avoid disruption to sea grass habitats, wetlands or tidal flats,” Bounty said.
“No dredging is proposed as part of the project. Bounty continues to partner with the Kalpowar Traditional Owners, who provide monitoring and guidance in the preservation of cultural and environmental values.”
The project is in the Laura Basin, about 150km north of Cairns.
The Queensland government gave it significant project status in 2012.
It has a potential mine life of at least 30 years and could provide up to 250 construction jobs.
The first phase of development includes drilling eight potential mine portal-scoping holes and completing a desktop scoping study for the proposed underground mine.