PERTH (miningweekly.com) – The Foreign Investment Review Board has approved Beijing Guoli Energy Investment Company’s A$15-million investment in ASX-listed Cuesta Coal.
The placement would be used to advance the definitive feasibility study of the Moorlands project, in Queensland, and to repay a A$5-million convertible note liability associated with the acquisition of the project in 2012.
The necessary Chinese regulatory approval for the placement had also been received, allowing Beijing Guoli’s total investment in Cuesta to increase to A$47-million.
The Moorlands project currently has a Joint Ore Reserves Committee-compliant resource of 281.1-million tonnes, including a measured resource of 118.5-million tonnes and an indicated resource of 52.7-million tonnes.