PERTH (miningweekly.com) – Diversified junior Moreton Resources has instigated talks with funders with the aim of restructuring its debt while maintaining talks with possible buyers.
Moreton in August last year launched a strategic review of its assets and subsidiaries in order to determine its core and noncore assets. Since then, the company has initiated discussions with a number of companies that have expressed interest in the Surat Basin coal business, the Bowen Basin coal business, and has undertaken talks to the advancement of opportunities for the MRV Metals business.
Moreton said that while these talks were continuing, the company’s focus would be on advancing its Gantie Belt project through MRV Metals, and the South Burnett coal project, through its subsidiary Tarong Basin Coal.
Moreton is currently advancing the Surat Basin coal project through the early stages of an environmental impact study (EIS).
Moreton said that discussions with funders to restructure the company’s total debt would assist the company in facilitating the completion of the EIS and feasibility, and the start and subsequent funding for completion of the Surat Basin feasibility, which Moreton believed had significant potential as a coal and incidental gas extraction project, taking advantage of the recent legislative changes in Queensland.