The tenement EPC 2080 has been granted and is part of the Snake Creek joint venture between Cuesta and Queensland Coal Investments (QCI), a wholly owned subsidiary of Hancock Prospecting.
Cuesta has a portfolio of six key projects in the western Bowen, Surat/Clarence, Moreton and Galilee coal basins in Queensland.
Another application for adjoining tenement EPCA 2079 is being processed.
Under the terms of the agreement, QCI is able to earn up to a 51% interest in the two tenements through the expenditure of $3 million on exploration, in two stages.
QCI can earn 25% interest through the staged development and expenditure of $1.5 million and a further 26% through the expenditure of a further $1.5 million.