It is reported that Jatenergy is progressing towards completing the acquisition of ten highly prospective coal exploration permits and permit applications from Spinifex Rural Management Pty Ltd and Demycoal Pty Ltd.

The significance of the tenements is that they are located in the Galilee and Bowen Basins of Queensland which are well known for good quality thermal and coking coal deposits.

Mr Phil Hodgson CEO of Jatenergy said that the company has completed the examination of the available data on the tenements and have also continued to talk with parties who are interested in the tenements development.

Mr Hodgson added “There have been some very exciting transactions involving coal tenements in the Galilee Basin recently including an investment of USD 1.26 billion by Indian group GVK Power and Infrastructure in three coal mining projects owned by Gina Reinhart Hancock Prospecting.”

Highlighting the potential of the acquisition for Jatenergy is that two of the tenement applications are located less than 60 kilometres from Hancock’s Alpha coal project.

(Sourced from www.proactiveinvestors.com.au)