PERTH (miningweekly.com) – Diversified junior Moreton Resources has extended the deadline for expressions of interest (EoIs) over its assets, after three separate requests for extensions were lodged.
Moreton in August launched a strategic review of its assets and subsidiaries in order to determine its core and noncore assets.
The company said at the time that the decision to review the asset base resulted from a number of factors, including several approaches pertaining to the company’s asset base and potential transactions, as well as the movement in the thermal and pulverised coal injection-coking coal markets, which, given the value of the company’s assets and the multiple opportunities, meant a deviation from the company’s established strategy.
Since the launch of the strategic review, Moreton has had multiple parties visiting and working in its data rooms, with both its Bowen Basin Coal and Surat Basin Coal subsidiaries being reviewed.
The company initially set a deadline of December 7 for EoIs but has now extended the closing date to December 14.
While the strategic review is ongoing, Moreton is also continuing to advance its South Burnett coal project, where a data room is expected to become available in early 2019.