re: Ann: Coalworks Acquires Hunter Thermal an...
Coalworks snaps up exploration licence Posted Fri Jan 29, 2010 8:40am AEDT
Map: Denman 2328 There is a new player in the Hunter Valley's coal sector and it has its sights set on the Denman area.
Aspiring miner, Coalworks, has bought a recently approved coal exploration lease near Denman, becoming a major shareholder of the Ferndale project at Yarrawa.
It is one of the three exploration licence applications that has some people in the community on edge.
Coalworks' managing director Andrew Firek says the Ferndale project has big prospects.
"We have been trying to get it for quite a while and now we [have] managed successfully to get it," he said.
"Our preliminary exploration target is 60 to 85 million tonnes of, we believe, thermal and coking coal.
"We believe we could look at [an] initial production target of two million tonnes per year, increasing up to five."
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