PERTH (miningweekly.com) – Junior coal miner Cockatoo Coal has inked an agreement with fellow-listed Moreton Resources to divest of its Kingaroy exploration tenement, in Queensland.
The Kigaroy tenement is located adjacent to Moreton’s Tarong basin coal asset.
Moreton said on Wednesday that the company had been seeking to identify strategic access areas to assist in the development of its Tarong basin asset, adding that the acquisition of the Kingaroy exploration tenement from Cockatoo would potentially alleviate any concerns over the footprint of a potential site layout which could eventuate from a prefeasibility study.
No further details of the transaction were made public by either Moreton or Cockatoo.
However, Cockatoo noted that the sale of this noncore asset aligned with the company’s strategy to focus on the expansion of its metallurgical coal mine at Baralaba, also in Queensland.