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Endocoal moves step closer to U&D Mining ownership

SHAREHOLDERS in Queensland coal explorer and mine developer Endocoal have voted in favour of a pr...

Lou Caruana
Endocoal moves step closer to U&D Mining ownership

Under the scheme U&D Mining would acquire all of the issued shares in Endocoal for cash consideration of 38c per Endocoal share.

The scheme remains subject to Chinese regulatory approvals and the approval of the Federal Court of Australia.

The second hearing before the court to approve the scheme is scheduled for Friday, March 8, 2013.

Endocoal said if Chinese regulatory approvals were not received prior to this date, it would apply to the court to delay the hearing until such time as the approvals were received.

The company currently holds JORC marketable reserves of 13 million tonnes and total JORC resources of 498Mt.

It is proceeding with its development of an export-quality thermal coal open cut mine at its flagship Orion Downs tenement, positioned close to existing infrastructure.

Endocoal has several other tenements in the Bowen Basin region, which will be the subject of future exploration and drilling activities.

The near-term priority will focus on the Rockwood tenement with anthracite coal prospective for pulverised coal injection coal, plus greenfield Talwood and Stockyard Creek project tenements where scout drilling is seeking coking coal.

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