Feb 01, 2021

Thumbs up for Mackenzie coal project deal

Thumbs up for Mackenzie coal project deal

Shareholders have given the thumbs up to Aus Tin Mining’s move to acquire the Mackenzie coal project in Queensland’s Bowen Basin and the Ashford project in northern NSW.

The company said the AGM convened last Friday provided shareholder approval for the terms of the acquisition of the two coking coal projects.

“The company will seek to finalise both project acquisitions and then push to progress a mining lease application for the Ashford coking coal project, and update an economic assessment previously completed for the Mackenzie coal project,” Aus Tin said.

Late last year the company announced it had executed a binding term sheet to acquire Resources and Energy Investments’ interests in the Mackenzie coal project, about 30km north‐east of Blackwater.

A previous owner of the tenements, Moreton Resources, announced an indicated and inferred JORC Resource for Mackenzie of 138.1 million tonnes of potential low volatile PCI coal.

The terms of the acquisition include $1 million worth of Aus Tin Mining shares, payment of $100,000 (with $50,000 as a deposit), and a royalty agreement.

The company has agreed with Agate Creek gold operator Laneway Resources to acquire its interest in the Ashford coal project, about 10km north of the Ashford township in northern NSW.

Ashford has a resource of 14.8 million tonnes, comprising 6.5Mt of indicated resources and 8.3Mt of inferred resources and coal quality studies found the resources could qualify as semi‐hard coking coal.