“After completing its review of existing tenements, Coalbank is in the process of lodging relinquishments with the Department of Natural Resources for some 22 tenements of the current 31 tenements held,” Coalbank said in its recent half-year report.

“These tenements were considered to hold limited short to medium term economic benefits for the company due to lack of infrastructure or likelihood of identifying economic resources for development taking into account all relevant factors.”

Coalbank said it would spend the remainder of the financial year securing finance for the Ebenezer project.

Last month its $A10 million cash offer to acquire Ebenezer received a time extension to June 20.

The deal with mine owner Zedemar Holdings dates back to November and does require Foreign Investment Review Board approval.

The mine, which was put on care and maintenance during the low coal price times of 2003, has 13.7 million tonnes of probable reserves and 308.2Mt of resources, with most of it inferred (284.1Mt).

Coalbank previously said the coal was high grade thermal coal, with energy values of about 6700 kilocalories per kilogram.

Australia-listed Coalbank was partially acquired (62.34%) by Hong Kong-based Loyal Strategic Investment more than a year ago.