The Directors of Aus Tin Mining Limited (Aus Tin Mining or the Company) are pleased to announce that the Company has signed a binding Term Sheet with Resources and Energy Investments Pty Ltd (REI) to acquire its interests in the Mackenzie Coal Project (Mackenzie) located in Queensland’s premier coal province the Bowen Basin (the Proposed Transaction). Mackenzie includes a previously announced Indicated and Inferred JORC Resource of 138.1Mt of potential low volatile Pulverised Coal Injection (PCI) quality coal, and is being acquired by REI from the liquidators of previous owner MRV Bowen Basin Coal Pty Ltd. The proposed acquisition of Mackenzie complements the previously announced proposed acquisition of the Ashford Coking Coal Project in NSW.
Mackenzie Coal Project
Mackenzie comprises Mineral Development Licence (MDL 503) and Exploration Permit Coal (EPC 1445) both located approximately 30km north-east of Blackwater in the Bowen Basin (Figure 1) which is well serviced by road, rail and port infrastructure at Gladstone. Mackenzie is adjacent to producing coal mines at Jellinbah and Yarrabee 3 with collective coal production of approximately 8.4Mt in 2019, of which the quality is primarily a low volatile PCI for export markets. Mackenzie is also proximate to coal projects subject to notable transactions including Curragh (Wesfarmers sold to Coronado Coal in 2018 for $700M) and MDL162 (Peabody sold to Wesfarmers in 2014 for $70M).
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