Moreton Resources turns over first ever profit
MORETON Resources has achieved its first ever underlying profit this year.
The mining company behind the South Burnett Coal Project recorded an $11 million profit for the 2018 financial accounts, which was released in the annual 2017/18 financial report.
Outgoing chief executive officer Jason Elks said the company's first profit was a result of the last five years of significant work and strategic vision.
"That has not only been realised in these results, but is reflected also in the current activities being undertaken by the Company through its strategic review,” he said.
Moreton Resources plan to make significant announcements about the South Burnett Coal Project, including the Kingaroy coal mine and coal rail line, to the market in the last quarter of the 2018 calendar year.
"We cannot underestimate the significant work that has been ongoing in the background around our South Burnett Coal Project, through our fully owned subsidiary MRV Tarong Basin Coal, with advancement activities being undertaken,” Mr Elks said.
Moreton Resources currently has two mining tenements in the South Burnett, under their Tarong Basin Coal licence.
Both were granted in late 2015, and have maintained 100 per cent equity interest this year and in 2017.
The status of the environmental impact statement, which is the next step in the project's process, is currently lapsed.
Moreton Resources are expected to release the finalised EIS statement later this year.
The mining company's mineral assets comprises of the Granite Belt Project, and the coal assets comprising of the Kingaroy, Wandoan and McKenzie Coal Projects.