White Energy buys South Galilee Coal Project
- White Energy signed an agreement to acquire the entities owning the South Galilee Coal Project from AMCI Group.
- The acquisition expands the company's mining portfolio by adding three coal tenures located near Alpha.
- White Energy plans to execute a drilling campaign to evaluate capital options and update resource estimates.
White Energy (ASX:WEC) has agreed to acquire the entities that own the South Galilee Coal Project from AMCI Group.
The proposed open-cut and underground mine previously received Commonwealth environmental approval in 2015.
The project consists of three tenures, including two granted exploration permits and one mining lease application located 11km west-south-west of Alpha.
White Energy stated that the deposit targets the D1 and D2 coal seams within the Bandanna formation.
Following the announcement, the White Energy share price was unchanged at $0.29.
White Energy plans to conduct a drilling campaign to update its mineral resource estimate.
The company will use technical and economic studies to evaluate capital and infrastructure options for project development.
