MARKETS

Endocoal boosts Rockwood resource

FOLLOWING Peabody Energy’s $A4.9 billion takeover of Macarthur Coal, Endocoal is in a position to capitalise on the global interest shown in PCI coal with a 500% resource upgrade of its Rockwood prospect in Queensland.

Lou Caruana
Endocoal boosts Rockwood resource

Endocoal has confirmed that Rockwood, which lies adjacent to Macarthur’s Codrilla and Wilunga projects, has JORC-compliant resources of 312.5 million tonnes of coal.

Endocoal chief executive Tim Hedley said recent drilling and coal analysis, along with results from seismic, aeromagnetic and ground gravity surveys, suggested the company had discovered a new coal province on the eastern side of the Bowen Basin.

“This major increase in resources reinforces the likelihood Rockwood will become a company maker,” he said.

“The Moranbah coal measures have been intersected at Rockwood. Multiple coal seams are presenting, with some at relatively shallow depths.

“We are excited about the prospects the Rockwood deposit presents to Endocoal as a potential mine development, and hence the opportunities for building shareholder value.”

Rockwood sits strategically near Macarthur’s proposed fourth mine, Codrilla, which is about 30km away from its existing Moorvale mine.

Drilling has extended to 300m depth, with more than 20 separate coal intersections, ranging in thickness from 0.3m to 2.8m.

Endocoal believes Rockwood is prospective for low volatile PCI coal. It is seeking to confirm coal quality parameters and identify best value-in-use applications for the Rockwood coal and expects the results of coal quality tests and potential end-user assessments to be available by mid-November.

“Endocoal believes that the outcomes from recent drilling, coal quality and value-in-use evaluations will support commencement of conceptual mine planning activities for the Rockwood resource,” the company said. “It is expected this high carbon, high rank, low volatile anthracite coal will find a ready place in the PCI coal export markets.”

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