A new coal mine for Clermont is on the cards with Australian Pacific Coal (AQC) today announcing the signing of an agreement with Linchpin Capital Group to jointly develop the South Clermont coal exploration tenement in Central Queensland.
The company says, “…the intention, once the agreement is finalised is to initiate an exploration program to complete proving the resource and then to bring the deposit into production.”
Initial indications are that this has the potential to be an open cut operation.
In a statement the company said, “On completion AQC will transfer its South Clermont tenement into a newly formed entity which will raise the funding for and will conduct the exploration and development of the project. AQC will initially hold 50% of the equity in the new entity. AQC will be paid a preagreed management fee for services that it provides to the operation.
The company said further details would be provided to the market once contracts have been executed.