The sale will add close to 31,000 hectares of vended tenements and tenement applications to the Scaddan Energy Joint Venture, increasing the revised area for coal-to-liquids project to 52,000 hectares.
A Blackham representative told MiningNews.net the transfer of interest for existing tenements is to take place this month, for an undisclosed amount.
Wholly owned Wesfarmers subsidiary Premier Coal has agreed to pay specified amounts for tenement applications if granted by the government.
Western Australia-based Blackham will retain and fund the remaining 70%, with the Scaddan tenements to be managed under the revised JV.
Under the existing agreement, first inked in January 2008, Blackham has a 70% stake in the nominated project and is project manager, while the Wesfarmers subsidiary has a 30% interest, with both companies funding their own stake.
Recent Blackham estimates put the size of the Scaddan resource at 762 million tonnes of ignite. Of this, 333Mt are indicated, and 429Mt inferred.
The project is about 60 kilometres north of Esperance deepwater port, with Blackham labelling it “technically viable” in a November scoping study for the coal-to-liquid project for ultra-clean diesel and other CTL products.
The WA company recently said Scaddan was a world-scale stranded deposit at shallow depth, amenable to large-scale open pit mining methods.
It is conducting reverse circulation and exploratory drilling at the site.
Shares in Blackham Resources are up 1c this morning to 8c.
