Release date- 06042017 - Stanmore Coal Limited (Stanmore, the Company) is pleased to announce a new Joint Exploration and Support Agreement (JESA) with the Japan Oil, Gas and Metals National Corporation (JOGMEC).
The JESA follows a number of successful deals between the Company and JOGMEC over several years including funding for The Range, Clifford and Belview projects. The JESA is subject to approval from the Foreign Investment Review Board.
The JESA provides the Company with A$3 million of funding to accelerate exploration, approvals and studies to underpin finalisation of studies for the Isaac Plains East open cut project and the investment decision for Isaac Plains Underground project (the Projects). In return, the Company will provide JOGMEC with an annual right to tender a portion the coking coal produced at from these Projects to end users in Japan. The annual right will continue for 5 to 7 years whereby JOGMEC will be reimbursed over time. The annual right is split between product coal produced from each Project and therefore contingent on each Project reaching commercial production. The annual right may also fit within volumes shipped to current Japanese end users.
Mr Dan Clifford
Stanmore Coal Limited
Tel: 07 3238 1000
ABOUT STANMORE COAL LIMITED (ASX CODE: SMR)
Stanmore Coal is an operating coal mining company with a number of additional prospective coal projects and mining assets within Queensland's Bowen and Surat Basins. Stanmore Coal owns 100% of the Isaac Plains Coal Mine and the adjoining Isaac Plains East Project and is focused on the creation of shareholder value via the efficient operation of Isaac Plains and identification of further local development opportunities. Stanmore continues to progress its prospective high quality thermal coal assets in the Northern Surat Basin which will prove to be valuable as the demand for high quality, low impurity thermal coal grows at a global level. Stanmore's focus is on the prime coal bearing regions of the east coast of Australia.
(c) 2017 Electronic News Publishing -, source ENP Newswire