From Financial Review;Queensland coal junior Bandanna Energy has...

From Financial Review;

Queensland coal junior Bandanna Energy has struck a joint venture agreement with Acacia Coal which is expected to result in significant cost savings for both parties. An announcement is expected later Monday.

Acacia’s Comet Ridge project is located 25 km from Bandanna’s Springsure Creek project.

As part of the joint venture, Bandanna is to build a 14 million tonne per annum train loading facility (inclusive of rail loop and associated infrastructure). In return, Acacia will consent to mining licence application.

Bandanna will provide Acacia with access to one million tonnes per annum of capacity on the train loading facility and up to 2million tonnes per annum subject to spare capacity, Bandanna will also provide Acacia with 20 million options in Bandanna.

Bandanna Energy formally terminated its strategic review process in early January but said it would continue to talk with potential joint venture partners interested in teaming up to develop its Bowen Basin coal projects.

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