Dang thing moved while doing research thought I had more time.I...

Dang thing moved while doing research thought I had more time.

I found it odd they trumpeted the USA trip as exciting in the ASX ann.s then dropped it so quietly so soon after.

So the NZ coal field as some may know being next to Stockton mine in Buller is a pretty good thing

I went for a look into it ..the seller is L&M Coal Ltd.NZ co office shows is owned by and Directors are Geoff Loudon (founder Niugini Mining which was in original jv that found Lihir) , Gregory Hogan both are directors of L&M Energy (AXX:LME) & David Manhire.

LME is a merger of L&M Petroleum and L&M Coal Seam Gas they seem to be focusing on oil & gas, perhaps the coal not as exciting.

L&M Coal has net equity of $(11)k suppose BTU wont get it for that. Exploration assets to date have cost $3.3m funded by loan $2.2 and related party borrowing $1.1m.
L&M Coal bought 4 coal permits off Kenham Holdings (now L&M Petroleum) in 2006.

Took a while to track some detail down. can anyone find the licence nubers for the area?
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QUOTE
L&M Mining plan to develop open cast coal mine
NZPA/Ross Setford | 19 November 2008 04:21pm

L&M Mining is planning to develop an open cast coal mine northeast of Westport by the end of 2010, from which it will extract five million tonnes of export quality coking and thermal coal over five years.
The mine will employ more than 100 people. The company is investigating shipping options at Lyttelton Port Company and at Westport's port.
The company investigated the area, which is south of the Stockton Plateau, under an exploration permit . It has applied to Crown Minerals for a mining permit over 190ha.
The company will also need an access agreement with the Department of Conservation and resource consents from West Coast Regional Council and the Buller District Council.
L&M was seeking partners for the project, said managing director Greg Hogan.
L&M's exploration permit, granted in 2005, covered 22,021ha from Denniston, and ran north past Stockton back down to the east of the plateau. The company estimated it had found 45 million tonnes of coal within the Buller coalfield. It is continuing to explore the rest of the land covered by the permit, including Seddonville and Mokihinui................

UNQUOTE
Source: http://clearnet.co.nz/news/national/2008Nov/3d781977-aa9e-4dba-bebb-14f237698dfe.html
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Permitting will be a risk the West Coast is mining friendly but DOC Dept Conservation rightly will protect public good. Being next to Stockton may help as a precedent in the area.

It weird not announcing the price.
Its weirder not announcing just how much of the JV they will get?

Good luck