PERTH (miningweekly.com) – ASX-listed Bowen Coking Coal has reported a maiden 44-million-tonne resource at the Hillalong South coking coal project, in Queensland.
Bowen on Tuesday noted that some 26-million tonnes of the Joint Ore Reserves Committee-compliant resource was classified as indicated, with a further 18-million tonnes classified as inferred.
The total resource estimate for the greater Hillalong project now stands at 87-million tonnes, of which 47-million tonnes is classified as indicated and a further 40-million tonnes as inferred.
Japanese major Sumitomo holds 10% of the Hillalong project since last year spending $2.5-million during Phase 1 of their farm-in agreement. Phase 2a is currently underway, which will see Sumitomo spend a further $2.5-million to earn a further 5% in the project. Sumitomo then have the option to earn an additional 5% in the project by spending another $2.5-million on Phase 2b to take their total holding up to 20%.