The Rudd government agenda to develop liquid transport fuels from coal and gas was launched recently and reported in the Australian (Feb 26th).
My broker has advised that Chevron & Sasol proposed a gas to liquids project in WA in 2001. Sasol currently operate a coal to liquids project in South Africa and are building a plant in China. Also that London listed Spitfire Oil to commence 18 month feasibility study on coal to liquids project on Salmon Gums lignite deposit.
Spitfire currently has a market cap of approx GBP60M and resource according to article of 500MT.
Blackham has a market cap fully diluted of approx $29M and a JORC lignite resource of 668MT which is subject to a 70%(Blackham)/30% JV with Wesfarmers.
Blackham will be advised in the coming months on the outcome of an auction for a substantial coal deposit based in the Russian Federation which if successful Blackham will obtain a 60% interest. Details of the deposit to date have not been released to the market.
Disclose that I bought BLK shares this week between 66-70c because I think there will be some upside soon.
Regards Rosee
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