Reserves increase boosts coal project’s development

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 27 Apr 2012   Posted by admin


EMERGING coal explorer Bandanna Energy has increased reserves at its Springsure Creek project in Queensland’s southern Bowen Basin by 50 per cent, as part of the mine’s ongoing development.
The JORC-compliant marketable reserve at Springsure Creek, owned by Bandanna subsidiary Springsure Creek Coal, now stands at 153.5 million tonnes; the new reserve fi gure is an increase from 102.6mt, and derived from JORC-compliant probable reserves of 161.6mt.
The increased reserves are underpinned by a recently updated total JORC-compliant resource of 490.5mt for Springsure Creek, comprising 262.3mt of inferred resources and 228mt of indicated resources.
The upgrade reserves form part of an underground longwall mine designed by Brisbane-based mining consultants Minecraft Consulting, which declared the new reserve “marketable” following
mining and economic and marketing data reviews.
Bandanna managing director Michael Gray said the reserve upgrade and corresponding mine plan refinement were milestones in the ongoing development of the Springsure Creek project.
“The progression of mine development plans, in combination with our secured infrastructure capacity, ensures that Bandanna is poised to become Australia’s next coal producer,” Mr Gray said.
Bandanna now holds 1650mt of JORC-compliant resources and 306.6mt of marketable reserves in its portfolio, which is comprised of 16 coal exploration permits in the Bowen and Galilee basins
in Queensland. Springsure Creek lies 36km south east of Emerald and covers an area of 462 square kilometres. Bandanna has already secured 4mtpa of port capacity at the Wiggins Island
Coal Export Terminal Stage 1, which is currently under construction. The port capacity, combined with rail upgrade and access agreements, will provide the infrastructure needed for the development of Springsure Creek. Bandanna now has three drill rigs in operation at Springsure Creek, seeking to upgrade the project’s resource and collect geotechnical data to assist in
detailed planning of the mine expansion.

 

By Helena Bogle


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