THE BOURSE WHISPERER: NuCoal Resources has secured port allocation with Port Waratah Coal Services for the company’s 100 per cent-owned Doyles Creek Underground coal project.
The company said the allocation will provide it with one million tonnes of capacity per year at the port commencing in 2015.
The commencement of the allocation ties in with the company’s current project production schedule.
NuCoal has indicated that it will be participating in future allocation nominations for capacity at Port Waratah.
The Doyles Creek Project is located approximately 110kms via rail from the Port of Newcastle. Source: Company announcement.
These future allocations will be necessary in order for the company to secure the remaining tonnages it will require in accordance with the production profile that was determined at the completion of a Pre-Feasibility Study.
NuCoal currently forecasts average annual coal production to emerge from the Doyles Creek Underground Mine and Training School to be five million tonnes per annum.
“This is another significant milestone for NuCoal as it continues to de-risk the Doyles Creek Underground coal project,” NuCoal Resources managing director Glen Lewis said in the company’s announcement to the Australian Securities Exchange.
“This includes the Australian first Underground Coal Mine Training School proposal and progresses the significant high quality semi soft coking and thermal coal resource closer to development.”