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Gold/Mining/Energy : Gasification Technologies

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To: Dennis Roth who wrote (275)	6/20/2011 8:56:59 AM
From: Dennis Roth	of 1740

Altona Energy says BFS for Arckaringa project increasing momentum 9:15 am by Giles Gwinnett proactiveinvestors.co.uk Altona's main aim is to commercialise the Arckaringa coal-to-liquids and power project Coal business Altona Energy (LON:ANR) says that its bankable feasibility study (BFS) for its Arckaringa project in Australia is continuing apace. The firm updated investors on the BFS's progress today and also highlighted that exploration licences have been renewed and that preparations for drilling and field programmes were well advanced. Altona's main aim is to commercialise the Arckaringa coal-to-liquids and power project. To do so, the firm formed a JV with CNOOC New Energy Investment Co - a subsidiary of the China National Offshore Oil Corporation (CNOOC) - to complete the BFS. Executive chairman Chris Lambert said he was pleased with the increasing momentum of the BFS. The study has confirmed the coal geology, coal reserves and coal quality at the project, said the company. It will include looking at the feasibility of upgrading a proportion of the mine's total coal output of up to 15 million tonnes per annum, with part of the upgraded product to be fed into the CTL (coal- to-liquids) plant in order to reduce capital cost, and part to be potentially exported to China. The integration and optimisation of mine output, coal upgrading and the CTL process, will form the basis of design and underpin the economic model for the mine development and CTL and power plant, it added. Altona and CNOOC-NEIA plan to begin market research on off-take agreements and product pricing for synthetic fuels, power and water. The results of this research will then be used to complete the economic model. The Arckaringa exploration licences (ELs 4511, 4512 and 4513) had been renewed for a further two years with effect from 6 June this year, added Altona. They are typically for one year, but the minister for mineral resources granted two years in recognition of the detailed work programme which will be carried out as part of the BFS.

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