Yari to acquire coal project in Bowen basin
ASX-listed Yari Minerals has entered into a binding agreement to acquire Resource Chain, the owner of the Rolleston South coal project in Queensland’s Bowen basin, adding a significant Joint Ore Reserve Commitee- (JORC-)compliant thermal coal asset to its Australian portfolio.
The 272 km² project hosts an inferred resource of 78.9-million tonnes of high calorific value coal within the Bandanna Formation, with six delineated coal seams and substantial exploration upside. Previous drilling has confirmed seam thicknesses of up to 6.06 m and coal quality suitable for high-grade thermal coal, with the potential to produce a semi-soft metallurgical coal product.
"The acquisition . . . meets the stringent investment criteria set by Yari to identify and acquire a JORC-compliant mineral resource in a Tier 1 jurisdiction, that is capable of rapid advance to resource growth and future development scenarios," said MD Anthony Italiano.
"On completion, Yari will commence a review of the resource model to incorporate additional data from coal seam gas wells whilst concurrently planning to commence a drilling program to complete this year to both grow the mineral resource outside the current resource envelope and complete infill drilling to increase the resource categorisation.”
The project is located within 25 km of existing coal operations owned by Glencore and Peabody and is supported by nearby sealed roads and rail infrastructure.
Yari will acquire 100% of Resource Chain through a combination of upfront and deferred equity consideration, including 119.6-million shares (representing a 19.9% stake in Yari) and up to 86-million performance rights, which will vest upon declaration of a resource exceeding 100-million tonnes.
Completion is subject to due diligence on both the asset and Resource Chain.
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