Moreton moves ahead with Tarong Basin Coal project
UPSTART mining company Moreton Resources is pushing ahead with plans to replace Meandu Mine as the main source of coal for Tarong Power Station.
Moreton announced to the Australian Stock Exchange yesterday the company was moving forward with the approval process for its proposed Kingaroy coal mine.
CEO of Moreton Resources Jason Elks said the move was a "significant step forward for the company, and indicates the confidence we have in the options before us".
Ms Elks also targeted Tarong Power Station owner Stanwell Corporation over recent comments that the proposed mine was not needed by the company.
He suggested Stanwell was not being honest about the true cost of running Meandu Mine and pointed to a previous statement by Stanwell in 2013 at the time of job losses at its generators.
"Whilst the running of Meandu Mine sits with the GOC (Stanwell), our experience tell us when your strip ratio gets worse and your mining operation gets deeper you will continue to struggle with costs," Mr Elks said.
Stanwell's CEO Richard Van Breda reaffirmed the company's position that Moreton's coal was not needed as recently as two weeks ago.
As part of the approvals process Mr Elks said the company would decide within the next few weeks to apply for Co-ordinated Project status through the Department of State Development.
The proposed location for the mine is located 15 kilometres outside of Kingaroy on the MDL385 mining licence and EPC882 tenement.
Many nearby residents and farmers have opposed the mine.