Sumitomo kicks off Qld JV
PERTH (miningweekly.com) – Japanese major Sumitomo Corporate has elected to proceed with an earn-in at the Hillalong joint venture (JV), in Queensland.
ASX-listed Bowen Coking Coal and Sumitomo in November last year struck a formal farm-in agreement under which Sumitomo would earn an initial 10% interest in the project by funding A$2.5-million of exploration expenditure, with the right to earn an additional 10% by further funding A$5-million.
Under the agreement, Sumitomo will also provide support to Hillalong to secure future project development funding.
Bowen Coking Coal on Monday said that the company had now received the initial A$2.5-million payment from Sumitomo.
“We are extremely pleased with the move towards a JV with a very capable partner like Sumitomo. Not only does it demonstrate confidence in Hillalong’s potential, but it also formalizes the relationship to achieve the future milestones in the development of the project,” said Bowen Coking Coal MD Gerhard Redelinghuys.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation