Peter, you are correct that the Sth Aussie Govt were keen for LNC to produce power from their coal deposits in the Walloway Basin. LNC was also keen and I understand bought some houses in Orroroo township adjacent to the UCG site.
However, as I understand it, there were problems with possible subsidence at their drill sites in the Walloway Basin and in their Quarterly Activities Report for March 2011 they stated- "Walloway Basin Update Walloway project is under internal technical review. No further exploration activity took place during the Quarter." I am unaware of any further update on the Walloway Basin coal deposits.
LNC Price at posting:
61.0¢ Sentiment: Buy Disclosure: Held
