MARKETS

Market to chip in for Newpac longwall

RESOURCE Pacific will go to its shareholders next month seeking approval to raise $A60 million through an ordinary shares issue to finance a longwall at its Newpac operation in New South Wales.

Angie Tomlinson
Market to chip in for Newpac longwall

If shareholders approve the placement on July 4 and subsequent funds are raised, the company will proceed with its expanded longwall case for the mine. Additional funds of $A115 million will be raised through debt and equity.

The mine is currently a bord and pillar producing about 900,000 tonnes per annum. The new longwall is planned for 2006 start-up.

The mine has a 240 million tonne resource base, with 74Mt at reserve status. Longwall panels are expected to be 250m wide and will range in length from 1.2-2km.

Five year haulage contracts have been signed with Pacific National and Queensland Rail to haul increased production when the longwall comes on-stream.

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