The Australian article China backs Altona project "ALTONA Energy has secured a Chinese partner to help it develop a $3 billion coal project in South Australia.
The London-listed company said yesterday that its Australian subsidiary, Arckaringa Energy, had signed a deal with CNOOC New Energy Investment to develop the estimated 7.8 billion tonne coal resource."
Arckaringa Energy holds only 3 exploration licences in the northern portion of the Permian Arckaringa Basin,
While LNC holds essentially the entire prospective area of the Arckaringa Basin as shown on the map
LNC Price at posting:
$1.61 Sentiment: Hold Disclosure: Held
