NuCoal attracts MMI to Doyles Creek
28th May 2012
Japanese coal buyer Mitsui Matsushima International is evaluating a 20% investment and exclusive coal marketing agreement for Japanese customers on NuCoal Resources’ Doyles Creek underground coal project in the Hunter Valley of New South Wales, Australia.
Subject to due diligence by July 9, MMI will spend $A40M to earn 10% and to purchase a further 10% based on the level of its end-user offtake commitment.
NuCoal aims to release key outcomes of the prefeasibility study on the 512Mt Doyles Creek project in June.
As well as the underground mine, the project will incorporate a world-class training facility for the industry.
NuCoal has slammed a Sydney media report that mining plans for Doyles Creek are on hold as “entirely false”. The project has been caught up in Independent Commission Against Corruption hearings over the awarding of coal exploration licences under the former NSW Labor government.
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