The Phillipson coal reserves have in the region of 5 billion tonnes of sub-bituminous coal, that is being explored and accessed at by NRG ( NRGF ) Flinders Power Partnership.
NRGF owns and operates a coal-fired power station at Port Augusta, South Australia. This is at present powered with coal from the Leigh Creek Mine, which is being run down.
NRGF will pay Felix the cost of annual payments to cover tenement and administration costs for the first three years which will then escalate over the followin three years.
During the six year period NRGF may elect to purchase the tenements EL2717, RL100 and RL104 and convert the prior payments into purchase payments. The exercise price reflects historical expenditure by Felix on the tenements. There is also a provision for royalty payments to Felix based on future production.
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