Bandanna confirmed that “there remain a number of parties involved in the strategic review process” and that the company is evaluating requests from third parties to investigate potential joint venture, off-take, investment and other opportunities.

The clarification comes after a recent report from Dow Jones Newswires that Bandanna was “closing its books to potential suitors after a sales process didn't generate adequate bids”

The information was reportedly obtained from a person close to the review process.

“There's no longer a formal process going on,” the source told Dow Jones.

Bandanna dismissed the claims in a statement to the market.

“This statement is baseless and we encourage stakeholders to be guided by our announcements released on the ASX and posted onto our website,” Bandanna said.

Back in May 2011, Bandanna announced it had shortlisted bidders for a stake in the company and appointed financial group UBS to monitor the sale.

The failure to consolidate a sale or off-take agreement had the industry speculating that the board had not received an attractive offer.

Bandanna managing director Ray Shaw blamed uncertain economic conditions for the drawn out strategic review process.

“The rapid deterioration in macro-economic conditions in late July and early August 2011 introduced a heightened level of uncertainty in the outcome of this process and subsequently, in order to ensure Bandanna had the capacity to meet all of its financial commitments flowing from financial close of [Wiggins Island Coal Export Terminal], it announced a rights issue on 17th August 2011,” Shaw said.

“The successful raising of over $100 million has provided Bandanna with additional flexibility in its ongoing strategic review process.”

Shaw however did reiterate that ongoing discussions may not result in a proposal or recommendation being made by the board.

The emerging coal explorer holds a number of exploration licenses throughout Queensland, including its Springsure Creek thermal coal project, which is targeting two longwall operations for 11 million tonnes per annum.

Its Arcturus thermal coal project is targeting 5Mpta of product coal through open cut and underground mining in the later years, with first coal possibly in 2014.

Bandanna also has 4 Mtpa port allocation at stage one of the Wiggins Island Coal Export Terminal, 14% of the terminal’s total 27Mtpa capacity.