It is reported that Coal explorer Bandanna Energy is hoping to get funding to develop its mines in Queensland Bowen Basin as it pursues discussions with a number of third parties.

The company said it terminated a formal review that was being undertaken with investment bank UBS in 2011. The Brisbane based company said that interest by a number of third parties particularly in joint venture participation in key Bowen Basin projects will now continue via discussions outside the formal and competitive process.

The company said "The outcome of these discussions is expected to provide funding solutions for major project capital expenditure."

Bandanna Energy also said that following the upgrade of the resources for the Springton domain within the Springsure Creek tenement in late December and it now had a Joint Ore Reserves Committee total resource inventory of 1620.5 million tonnes.

This included 1031.5 million tonnes of resources identified within its 100% owned Bowen Basin tenements and a net 589 million tonnes representing 50 per cent share of total resources identified within tenements of the South Galilee Coal Project.

Bandanna Energy said "This inventory positions Bandanna as one of the largest thermal coal explorers/developers listed on the ASX. With a four Mtpa port allocation in Stage 1 of the Wiggins Island Coal Export Terminal in Gladstone, Bandanna has a clear pathway to significant coal production commencing in 2014."

Bandanna added that mining engineer John Pegler had joined the company board on January 1.

(Sourced from www.news.com.au)