article to grab your attention

BHP Billiton has agreed to excise its right to explore long-wall and open-cut coalmining in the lush floodplains at Caroona in central NSW, amid increasing concerns the project may spoil critical aquifers that feed the Murray-Darling Basin.

The mining giant paid $100million to the NSW government in 2006 for an exploration licence covering 344sqkm at Caroona on the Liverpool Plains, which is regarded as one of the most productive agricultural districts in the country.

Two years later, Chinese miner Shenhua paid $300m for a neighbouring site.

It is estimated that there is an untapped coal reserve in excess of 500million tonnes.

Full article in today's Australian.

http://www.theaustralian.news.com.au/business/story/0,28124,26015272-5005200,00.html

The project is Thermal coal.
Just did some research from following link.

http://nationbuildingprogram.gov.au/publications/reports/pdf/Namoi_Regional_Organisations_of_Councils.pdf

So BHP paid $100 million and Chinese company paid $300 millions for an EXPLORATION licence.

Again, any love for Rey out there.

We have 120 million of indicated, 511 million inferred and billions in exploration potential.

Mind you all close to infrastructure and Ports.

Someone has got to start spruiking the merits of REY.

regards