Resolve adds to Hyde Park project
PERTH (miningweekly.com) – Unlisted developer Resolve Coal has added a further 19 km2 in tenement area to its proposed $1.2-billion Hyde Park coal project (HPCP), in Queensland.
MD Gordon Saul said on Wednesday that the tenement acquisition, from Spinifex Rural Management, gave the project a significant portion of one of the two potential rail routes to the North Galilee rail project, owned by Indian giant Adani.
The acquisition placed the HPCP within 16 km of Adani’s $16.5-billion Carmichael project.
“The HPCP is the closest coal project to the Abbot Point coal terminal, and is favourably placed to deliver significant benefits to the national economy. This will be one of the lowest cost thermal coal mines in Australia, delivering high quality, low sulphur coal to the export market,” Saul said.
He noted that the acquisition also gave Resolve more tonnes of low strip ratio coal, and the addition of several kilometres of coal strike which will allow the company more flexibility in mine design and operations, further supporting the attractiveness of the project.
The HPCP has an indicated resource of some 364-million tonnes and an inferred resource of 1.3-billion tonnes. A prefeasibility study was currently under way to investigate the viability of a ten-million-tonne-a-year operation.
Resolve has signed a memorandum of understanding with Adani for a ten-million-tonne-a-year rail and port allocation on the new rail and port development.
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