Meanwhile it is also exploring the possibility of a listing on an Asian stock exchange to fund its Mongolian coal mine operations.

Guildford’s Northern Galilee project and the Springsure project have large proven resources with access to existing coal logistics infrastructure that could connect them to the market, according to the company.

The company recently gained approval from the Queensland Department of Natural Resources and Mining to consolidate the Hughenden and Pentland projects into the Northern Galilee project.

“Guildford continues to investigate the merits and mechanisms for a potential listing on an Asian stock exchange,” it said in a statement.

“This was a crucial recommendation flowing from the strategic review of the company which was completed in early 2015.

“Shareholders are advised that there is no certainty or assurance as at the date of this announcement that the potential listing will proceed or be completed.”