The project will cost less than $100 million to develop and will produce coal at an operating cost of less than $100 per tonne.
The average price for anthracite coal currently sits at $180 per tonne.
The study revealed that Groundhog can produce up to 5.4 million tonnes per annum of coal for the next 15 years.
With 1.57 billion tonnes of resources identified at the project, the company is confident it can extend Groundhog’s mine life.
Market interest in Atrum is set to grow following the results.
Atrum is one of the best-performing public offerings on the Australian Securities Exchange, with its shares appreciating 800% since it first listed in July 2012.
After emerging from Friday’s trading halt, Atrum shares were up 5% to $1.90 yesterday.
