SAPEX- code SXP have found 1 billion tons (jorc) of Permian sub bituminous (steaming) coal in the Akaringa basin about 90 kms noth of Coober Pedy SA. There is a lot more there- 27,000sq kms poss. 20-35 m comb thickness. 2 b gigatons potential. Eastern Star about to drill for CSG in the deposits -farmin. These resources would be available to MLX/Wingellina and BHP/Olympic dam. Recall this sort of coal is used for electricity generation. Power station fuel. Excellent news for South Australia. CSG is a very economical fuel. Clean burning too. Eastern Star with eastern state CSG holdings currently explosive share price capitalised at about $500m. SXP at about $13 million. This could be the last piece of the full jigsaw puzzle for Wingellina?
MLX Price at posting:
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