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“Based on a review of existing drillhole and other data by Coalworks’ geologists, a resource target of 50 to 70 million tonnes of semi-soft coking coal and export thermal coal is the current objective,” Coalworks managing director Andrew Firek said.
The company plans to start drilling this year to provide baseline data to start a preliminary mining study next year.
It envisages an open pit and/or underground mine targeting initial production of 2Mt per annum and increasing to 4Mtpa.
Coalworks was trading up 8.82% mid-morning today to 37c.
