The $1.5 million in additional exploration investment support comes from Japan’s Taiheiyo Kouhatsu and government-owned corporation, JOGMEC.
Queensland Resources Council (QRC) Chief Executive Michael Roche has congratulated Stanmore Coal on securing the further investment.
“This is another example of an agile, up-and-coming coal company turning the current downturn to their advantage by locking in lower cost development work ahead of the inevitable demand rebound,” Mr Roche said.
“Last month, QRC welcomed a $3.5 million global partnership between Cockatoo Coal and JOGMEC for exploration at its Dingo West project in the southeast Bowen Basin”.
“Both announcements confirm the faith that our leading customers have in the future of the Queensland coal industry,” he said.
Coking (or metallurgical) coal is an essential component in blast furnace steel-making, responsible for 70 percent of the world’s steel production.
“Queensland’s coking coal is ranked as the best in the world and in 2013-14, exports were valued at around $US20 billion,” Mr Roche said.
“We wish Stanmore and partners every success in their latest exploration program, noting this is the fourth such funding arrangement for Stanmore Coal projects from Japanese partners.”