TPL Corporation to raise up to A$1.42m for Australian, Mongolian coal assets
TPL Corporation (ASX: TPL) will raise up to A$1.42 million through the placement of up to 78.9 million shares at $0.018 per share to identify and acquire underexplored and undervalued coal assets in Mongolia.
The company is also continuing ongoing coal exploration within the Canning Basin, Western Australia.
Mark Gunther, managing director, said “with recent signing of Native Title Agreements in the Canning Basin these added funds will enable us to progress with obtaining required heritage clearances and subsequent on-ground exploration and also place TPL in a better position for pursuing our growth strategy, focussed on Mongolian coal opportunities.”
TPL has about 7000 square kilometres of granted tenure within the Canning Basin of Western Australia which is an emerging Permian Coal Province with considerable potential.
This was confirmed by Rey Resources' (ASX: REY) recent positive definitive feasibility study, delineation of a 536 million tonne thermal coal resource and estimated exploration target of 9 to 11 billion tonnes.
REY’s project lies to the west of TPL’s tenement holding. TPL considers its tenement holding to be just as prospective as REY’s but grossly under-explored for coal. The Permian Bowen and Sydney Basins in eastern Australia contain approximately 30 Bt of coal each.
The Canning Basin is strategically located to take advantage of the burgeoning long term demand for thermal coal from both India and China.
In comparison to coal exporting ports on the east coast of Australia the Canning Basin is approximately 6 to 9 days closer by ship to these developing fast growing economies.
The company is also continuing ongoing coal exploration within the Canning Basin, Western Australia.
Mark Gunther, managing director, said “with recent signing of Native Title Agreements in the Canning Basin these added funds will enable us to progress with obtaining required heritage clearances and subsequent on-ground exploration and also place TPL in a better position for pursuing our growth strategy, focussed on Mongolian coal opportunities.”
TPL has about 7000 square kilometres of granted tenure within the Canning Basin of Western Australia which is an emerging Permian Coal Province with considerable potential.
This was confirmed by Rey Resources' (ASX: REY) recent positive definitive feasibility study, delineation of a 536 million tonne thermal coal resource and estimated exploration target of 9 to 11 billion tonnes.
REY’s project lies to the west of TPL’s tenement holding. TPL considers its tenement holding to be just as prospective as REY’s but grossly under-explored for coal. The Permian Bowen and Sydney Basins in eastern Australia contain approximately 30 Bt of coal each.
The Canning Basin is strategically located to take advantage of the burgeoning long term demand for thermal coal from both India and China.
In comparison to coal exporting ports on the east coast of Australia the Canning Basin is approximately 6 to 9 days closer by ship to these developing fast growing economies.
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