Business

Significant coal find 'an excellent result' for Maryborough

DETAILS of a huge coal find on the Central Queensland coastline, potentially worth billions of dollars, have been released to the Australian Stock Exchange.

Explorers International Coal said it had struck the seam within 30km of Bundaberg - a find already backed by billionaire magnate Gina Rinehart.

The site near the farming region of Avondale may also open up the Maryborough Basin, a new coal mining region within four hours of Noosa in the south and two hours from Gladstone in the north.

The junior explorer made its announcement to the Australian Stock Exchange officially on Monday, although rumours of the find were circulating earlier.

The ASX was told that International Coal had a resource of up to 28.5 million tonnes of high-grade coking coal for its Bundaberg project - a much-desired quality of mineral used in producing steel.

International Coal's discovery has already compared well against some of Queensland's best coal from mines including Peak Downs, Moranbah North and Saraji in the Bowen Basin.

Chief executive Glenn Simpson said he was "chuffed" with the results, but this was more of a starting point than a finish line.

"Obviously, this is an early stage. We have more drilling to do to prove (the coal) to a higher level," Mr Simpson said.

"It's an excellent result."

Ms Rinehart's Queensland Coal Investments is already spending $3 million to buy 51% of the project while International benefits from QCI's expertise.

"QCI has been a very good partner to date," Mr Simpson said.

"They have put a lot of work into stakeholder relationships."

Queensland Resources Council boss Michael Roche said such a significant coal find, especially one associated with Gina Rinehart, would "have people sitting up and taking notice" of the Maryborough region as a lucrative coal region.

The coking coal sells for more, so any each similar find will likely encourage others to prospect in the area.

"Look, I think the Maryborough Basin's time will come," he said.

"Realistically, it will still be some time before we see an operating mine in the Maryborough Basin.

"As we see more and more news, we're starting to learn it could well be an important mining district for coking coal in Queensland.

Mr Simpson was reluctant to discuss how or when a mine would be developed, preferring to stick with describing the figures as "a very positive result."

"You're always hoping for an excellent result and you're always very optimistic about a result," Mr Simpson said."We are obviously hoping there is a mine there."

Topics:  asx, central queensland, coal, gina rinehart, international coal, stock exchange


Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Biloela's ice addiction: Experts say local drug use rampant

DANGEROUS TOLL: Methamphetamine pure crystals (also known as ice) being heated in a glass pipe by a police drugs officer during a controlled demonstration.

BILOELA is facing a worsening drug problem, with ice in particular.

Biloela Cockatoos one game away from home grand final

WINNERS: Biloela Cockatoos celebrate.

Cockatoos to face Frenchville for grand final berth.

Vikings still in the running as Roosters loom large

The Vikings' Harry Phillips crosses the line after a spectacular individual effort to take the score to 16-14 in the final three minutes.  Photo Andrew Thorpe / Central Telegraph

Dawson Valley's freshman side is one game away from the grand final.

Latest deals and offers

Farmer crushed by falling bale of hay

Despite his injuries, the man managed to crawl to a road and flag down a passing motorist to call for help

Biloela's ice addiction: Experts say local drug use rampant

DANGEROUS TOLL: Methamphetamine pure crystals (also known as ice) being heated in a glass pipe by a police drugs officer during a controlled demonstration.

BILOELA is facing a worsening drug problem, with ice in particular.

Biloela Cockatoos one game away from home grand final

WINNERS: Biloela Cockatoos celebrate.

Cockatoos to face Frenchville for grand final berth.

Vikings still in the running as Roosters loom large

The Vikings' Harry Phillips crosses the line after a spectacular individual effort to take the score to 16-14 in the final three minutes.  Photo Andrew Thorpe / Central Telegraph

Dawson Valley's freshman side is one game away from the grand final.

Coal & Country Festival a rollicking ride

ON A QUEST: (From left) Moura Coal & Country Festival Ball 2016 entrants Rachael Briggs (Fundraiser of the Year), Elly Fiedler, Sophie Bolger (Entrant of the Year) and Jessica Lancini.

Moura festival brings town to life for week of fun.

CQ hairdressers targeted in crackdown on under paid staff

Hairdressing businesses were a key area of the CQ audit into staff pay and conditions.

Inspectors audit hundreds of businesses, recover $110,000 in wages

Die-hard fan's 34 magic Gympie Muster years

STICK AROUND FOR A BEER: Mal Williams has been at every Gympie Muster for 34 years.

Mal Williams has only missed one Muster in 35 years - the first one

MOVIE REVIEW: Ben-Hur isn't likely to become a new classic

Toby Kebbell plays Messala Severus and Jack Huston plays Judah Ben-Hur in a scene from Ben-Hur.

ANYTHING less than grand in a remake of Ben-Hur won't do.

Taylor Swift dismissed from jury duty

Taylor Swift was dismissed from jury duty in a sexual assault case

Zumbo's Willy Wonka hat trick trips up Queensland brickie

Adriano Zumbo and Rachel Khoo with Zumbo's floating dessert in a scene from Zumbo's Just Desserts.

NOOSA'S Michael Basset asked to recreate floating chocolate dish.

John Lennon's killer denied parole for 9th time

John Lennon

John Lennon's killer has been denied parole for the ninth time.

Mexican band takes aim at Trump

Disguised as unhinged narcotraficantes, the Mexican-American agitators of BRUJERIA captured the mood of the citys minorities with the bands infamous and widely banned 1993 debut, Matando Geros (Killing White People), quickly becoming the Spanish-language counterparts to early grindcore masters TERRORIZER and NAPALM DEATH.  Photo Contributed

'Satanic drug lord' band challenges Trump

Willy Wonka star, Gene Wilder dead at 83

A still of Gene Wilder in the 1971 film Willy Wonka and the Chocolate Factory

Social media has already lit up with tributes to the late actor.

Bunnings starts demolition of historic foundry buildings

SAWTOOTH GONE: Demolition of Foundry sawtooth shed to make way for new Bunnings building.

Lane and footpath closures will take place

Australia's most expensive balcony and it hasn't been built

Viridian Noosa.

How Noosa millionares' squabble could affect body corporates

Receivers move in on Springfield's 'Tower of Power'

The 10-storey tower at Springfield is up for sale with interest high in the iconic structure.

Interest high in iconic 10-storey office building

Palm Lake Resort set to move in to Coast with 276 villas

Palm Lake Group has been given approval by Sunshine Coast Council to build a 276-villa over 50s resort and 120-bed aged care facility at the intersection of Caloundra Rd and Caloundra Mooloolaba Rd in Little Mountain.

New facility planned for Caloundra Rd

Warning for unit investors with price plummet prediction

The warning signs are flashing for one real estate sector in 2017 despite others performing the best they have in years and it's not going to be pretty.

One real estate sector looks set for a rocky 2017

REVEALED: Pat Rafter's $18m Coast house on the market

Check out the photos of the Coast's most expensive property for sale