The deposit is currently owned by the Middlemount Joint Venture, an unincorporated joint venture between Ribfield and DJB Coal.

The deposit is located approximately 10km from Middlemount, Queensland, adjacent the German Creek mining complex.

Divestment managers Global Resource Asset Exchange (GRAX) said 254Mt of coking and thermal coal had been identified in the Middlemount and Pisces seams. The Girrah seam also occurs within the licence area and up to 50Mt may be available.

The conceptual mine plan consists of three open cut pits providing early access to shallow coal and underground access from the highwalls for longer term production.

Product options from the resource include a dual or three way product comprising of a hard or semi-soft fraction and a thermal product; a single semi-soft coking product based on a simple washplant and full seam or selected mining section; a raw or basic washed export thermal product; or a domestic thermal product.

A confidential information memorandum and virtual data room will be available from Monday November 22 to provide further information about the deposit and the divestment process to interested parties.

Offers of purchase are due Friday December 24, 2004.