Bounty signs on for Cape York coal project
PERTH (miningweekly.com) – ASX-listed Bounty Mining has signed an agreement with Aust-Pac Capital and the traditional landowners to earn a 40% stake in the Wongai coal project, in Cape York, by funding resource delineation, prefeasibility and feasibility studies, as well as finalising the environmental-impact statement.
The junior said on Monday that it also had the right to increase its shareholding by another 11%.
The mine has an inferred resource of 67.5-million tonnes and is expected to produce 1.5-million tonnes a year of coking coal. Coal will be trucked to a northern barge loader where it will be shipped offshore to an ocean going vessel.
Bounty said that an initial drilling programme was planned to assist the scoping study to identify key sites for portals, truck haulage and the barge loader.
The company would also undertake a capital raising to fund the project.
MD Rob Stewart said that the acquisition of a stake in Wongai was a company-transforming event for Bounty, and offered a long-term secure role should resource delineation prove that an economically viable mine could be developed.
“It will also be an exciting opportunity for the local Kalpowar traditional owners who want to develop sustainable employment and training opportunities in the Cape York region,” he said.
The traditional owners hold a 12.5% interest in the project.
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