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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (45617)	10/20/2009 10:50:30 PM
From: LoneClone	Read Replies (1) \| Respond to of 194794

Coal & Allied to sell Vickery project to Whitehaven miningweekly.com By: Esmarie Swanepoel 20th October 2009 Updated 4 hours ago JOHANNESBURG (miningweekly.com) – ASX-listed Coal & Allied Industries has entered into an agreement with fellow listed Whitehaven Coal Mining to sell its Vickery coal project in New South Wales, for A$31,5-million in cash and a 1 156 ha parcel of land in the Gunnedah region. The Vickery coal project was formerly operated as an open cut thermal coal mine, but operations ceased in 1996. Coal & Allied said in a statement on Tuesday that the completion of the sales transaction was expected before year-end, but remained subject to customary closing conditions, including regulatory approval. Whitehaven said in a statement that it would be targeting the development of both open cut and underground operations at Vickery. In the near-term, the company would focus on the exploration and definition of an open cut area called East Bluevale that was contiguous to Whitehaven’s West Bluevale open cut area, which contains about 4,95-million tons of measured, indicated and inferred resource. There were nine coal seams contained within the Vickery tenement, and Whitehaven stated that three of these seams were believed to have economic potential. These seams were thought to be too deep for open cut mining, but were expected to be amendable to underground mining methods. The quality of these coal seams ranges from low ash, high energy thermal coal, to high volatile soft coking coal. “Vickery is an important bolt-on acquisition for Whitehaven. It consolidates the company’s significant tenement holding in the Gunnedah region, and our expectation is that with focussed exploration in the next year, substantial open cut and underground coal resources will be defined,” said Whitehaven MD Tony Haggarty.