Bandanna Energy Limited: QCA Approves Wiggins Island Rail Agreement
28.05.2012 | ABN Newswire
17:31 AEST May 28, 2012 ABN Newswire (C) 2004-2012 Asia Business News PL. All Rights Reserved.Sydney, Australia (ABN Newswire) - Bandanna Energy Limited (ASX:BND) advises that the Queensland Competition Authority (QCA) has approved the arrangements for the construction of the Wiggins Island Rail Project.
Managing Director of Bandanna Energy Michael Gray welcomed the decision, noting that it represents 'another significant step in Bandanna Energy's path to exporting first coal through Wiggins Island Coal Export Terminal in the second half of 2014'.
In September 2011, QR National's wholly owned subsidiary QR Network Pty Ltd executed commercial agreements with a consortium of coal companies, including Bandanna Energy, to construct rail capacity for haulage to a new export terminal at Gladstone. The other members of the consortium are Xstrata Coal, Aquila Resources (ASX:AQA), Caledon Resources, Northern Energy Corporation (ASX:NEC), Yancoal Australia Pty Ltd (Yancoal), Wesfarmers Curragh and Cockatoo Coal (ASX:COK).
The arrangements were subject to approval by the Queensland Competition Authority and financial close for the Wiggins Island Coal Export Terminal. Both conditions have now been satisfied.
First railings are scheduled for mid-2014 and align with Stage 1 port capacity through Wiggins Island Coal Export Terminal. In addition to being part of the consortium arrangements for construction of the rail capacity, Bandanna Energy has above rail and port contracts for 4Mpta from mid-2014 for its Springsure Creek Coal Project.
About Bandanna Energy Limited:
Bandanna Energy Limited (ASX:BND) holds 11 Exploration Permits for Coal (EPC's) with applications for a further five (EPCA's), in the Bowen and Galilee Basins in Queensland. In addition the Company has conventional oil and gas exploration interests in the Cooper Basin of South Australia and Queensland and mineral exploration licences, primarily for oil shale in Queensland. Formerly known as Enterprise Energy Limited, in early October 2008 the Company completed a transaction involving the acquisition of the issued capital of Bandanna Coal Pty Ltd, a capital raising and a 1 for 10 share consolidation. The name change to Bandanna Energy Limited reflected the future emphasis on coal, the Bandanna Formation being a well known coal bearing geological unit within the Bowen Basin.
Contact:
Bandanna Energy Limited
Michael Gray, CEO
T: +61-7-3041-4400
E: info@bandannaenergy.com.au
WWW: www.bandannaenergy.com.au