The acquisition of Great White Nominees would deliver the company ownership of EPC 1507 and EPCAs 2631, 2633 and 2774.

International Coal director David Round said the transaction would provide further regional diversification of the company’s assets and its proximity to existing large-scale operating mines fitted with its strategy of acquiring assets with potential for future coal production.

“The board of ICX [International] believes this acquisition complements our plan to develop a number of prospective coking coal and thermal coal projects throughout Queensland and build substantial shareholder returns,” he said.

ICX believes EPC 1507 and EPCA 2633 offer the company an enormous strategic interest in a well-defined coal production location and offer potential for exploration in the short term.

ICX has engaged an independent consultant to assist with the development of an exploration program for the EPC.

“It is envisaged that this program will be concluded over the forthcoming months, following which the company will consider the commencement of a drill programme to assess the volume and quality of thermal coal deposits at this site,” Round said.

EPCA 2631 is within the well-known coking coal district of Bundaberg and adjacent to the company’s wholly owned EPC 2194 and 2196 projects.

EPCA 2774 is in an emerging and developing location east of Mount Isa.

Significant exploration and infrastructure planning is occurring in the region and ICX believes the project location and size offers “a very sound addition to the company’s suite of prospective projects”