Bandanna, Acacia see transport route
13th Mar 2012
SYDNEY, Mar 13 – Coal developer-neighbours Bandanna Energy and Acacia Coal have teamed up to find a low-cost solution to transport issues on their Bowen Basin properties in Queensland, Australia.
The companies will work together to establish a joint venture 14Mtpa train loading facility that will service Bandanna’s Springsure Creek project and Acacia’s Comet Ridge EPC 1230 project.
Under a binding agreement, Bandanna will fund and build the loadout facility, rail spur and loop, train loading bin and stockpiles on Acacia’s land adjacent to the potential Comet Ridge project development.
The agreement clears the way for detailed planning for the loadout facility on the Bauhinia Line, which will connect to the Blackwater-Gladstone rail corridor and Wiggins Island Coal Export Terminal at Gladstone.
In return for Acacia’s allowing the facilities to be built on its project area, Bandanna will give Acacia priority access for 1Mtpa at the loadout facility plus provision for another 1Mtpa subject to spare capacity. Bandanna will also issue Acacia with 20M five-year options exercisable at $A1.50.
Bandanna, which has a 4Mtpa allocation at the Wiggins Island terminal from its completion in mid-2014, says the facility will have ample capacity for both projects.
Acacia says the agreement substantially reduces future capital costs and secures rail access while its prospective small-scale coking coal operation at Comet Ridge is still in the exploration and feasibility phase.
Acacia plans to complete a bankable feasibility study for Comet Ridge by the end of 2012.
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