Sumitomo moves ahead with Hillalong coal JV
Sumitomo and Bowen Coking Coal announced Monday they have elected to proceed with an earn-in at the Hillalong joint venture, in Queensland.
The Japanese major struck first a formal farm-in agreement in November 2019 with Bowen, under which Sumitomo would earn an initial 10% interest in the project by funding A$2.5 million of exploration expenditure, with the right to earn an additional 10% by further funding A$5 million.
“We are extremely pleased with the move towards a joint venture with a very capable partner like Sumitomo,” Bowen Coking Coal managing director Gerhard Redelinghuys said.
“Not only does it demonstrate confidence in Hillalong’s potential, but it also formalises the relationship to achieve the future milestones in the development of the project,” he added.
Bowen Coal will provide an update on the Phase 1 exploration program at Hillalong in the coming days.
source: Mining.com
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