Linc Energy
Linc Energy (ASX:LNC) is an Australian leader in clean coal technology. The company’s vision is to become a dominant player in the supply of more environmentally friendly power, diesel and jet fuel. Linc Energy aims to achieve this vision by bringing together, for the first time anywhere in the world, two proven production processes known as Underground Coal Gasification (UCG) clean coal technology and Gas to Liquids (GTL).
The company's JORC Resources statement identified an indicated resource of 228.1 million tonnes and an Inferred resource of 172.9 million tonnes. The total JORC resource currently for Chinchilla is 401 million tonnes. This resource is enough to provide estimated syngas feedstock to a 20,000bpd GTL plant for 90 years.
Linc Energy CEO sets record straight at Chinchilla
In the statement, Linc Energy reiterated the importance of its world class UCG/GTL demonstration facilities at Chinchilla and its intention to continue to operate and expand these facilities.
Linc will also continue to focus on creating further value from its other Queensland coal assets with a strong belief that a commercial UCG/GTL facility will be developed in the state at some point in the future.
Linc Energy reiterated the importance of its world class UCG/GTL demonstration facilities at Chinchilla and its intention to operate and expand these facilities.
Linc will also focus on creating further value from its other Queensland coal assets with a strong belief that a commercial UCG/GTL facility will be developed in the state at some point in the future.
Linc Energy Chief Executive Officer, Mr Peter Bond today commented that, "it is important for our over 100 Queensland employees, our host community at Chinchilla and other stakeholders that our clear commitment to our assets and operations in Queensland is not in question."
Confirmation of Emerald Transaction with Xinwen Mining of China
The Xinwen Mining Group Ltd of China (“Xinwen”) in Beijing recently re-affirmed that the Xinwen Board has approved the purchase of Linc Energy’s Emerald “Teresa” coal tenements. This approval follows successful completion of the due diligence process.
Further, the companies have agreed to an extension of the Heads of Agreement prior to the completion of AU$1.5 billion transaction whilst Xinwen obtain Chinese regulatory approval to enter into the formal contract.
Linc Energy also confirmed that throughout the due diligence period and during this extension period, the Company’s drilling program on the Emerald “Teresa” tenements is continuing so as to further define and expand the coal deposit.
Linc Energy Among best performing ASX stocks in 2008
Linc Energy has been an outstanding sharemarket performer for LNC shareholders, outpacing nearly every other listed stock. It rose from 69 cents to $5,00, a return of 624%. Before profit taking has seen the stock retrace some of the gain to $2.25 - still a mighty gain of 226%.