The Felix Resources 51% owned Athena Project, QLD, (near the Minerva Mine) has an inferred coal resource of 56 million tonnes. The company is unlikely to go-ahead with this prospect for several years though it is likely to produce up to 10 million tonnes per annum. This would give Felix over 5mtpa of attributable coal, more than the 4.65 million tonnes sold in 2008. Difficult to put a value on an area that remains short of full exploration and is undeveloped.
Felix need a partner to get this one off the ground quickly as they have their hands full with Moolarben in NSW.
Current bid interest, as announced on the ASX by Felix, is a much needed move.
FLX Price at posting:
0.0¢ Sentiment: ST Buy Disclosure: Held
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