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Moreton Resources Ltd's coal plans take major step forward

Moreton Resources Ltd's coal plans take major step forward

Moreton Resources Ltd (ASX:MRV) has come to an agreement with the Wakka Wakka people under the Aboriginal Cultural Heritage Act 2003, in relation to its South Burnett Coal Project in Queensland.

The company has agreed to a Cultural Heritage Management Plan, which has now been registered with the Department of Aboriginal and Torres Strait Islander Partnerships.

The company is now required to advance all activities under a specific duty of care in consultation with the claimant group for cultural heritage matters.

South Burnett Coal project has a mineral resource of 912 million tonnes of coal (166.2 measured, 712.6 indicated and 33.2 inferred) and a net present value of $460 million, as per Moreton’s pre-feasibility study.

Encouragingly, the estimated mining and processing cost of the project is lower than $31 per tonne, placing the project well within the bottom cost quartile of coal mining operations.

Moreton will continue to develop the project while ensuring that the benefits of the project is passed on to the communities within which it operates.

It is expected that further updates in relation to the continued advancement of the project will be made to the market shortly.


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