BANDANNA AND AUSENCO FORM SPRINGSURE ALLIANCE

Written on the 29 January 2014

BANDANNA AND AUSENCO FORM SPRINGSURE ALLIANCE

BRISBANE mining companies Bandanna Energy Limited (ASX: BND) and Ausenco Limited (ASX: AAX) have today announced their alliance for the Springsure Creek Coal Project.

Ausenco will provide its project management, engineering support and procurement services to the Bandanna Energy team heading the project, located at the Queensland Bowen Basin.

“We are delighted to be working with Bandanna Energy on the Springsure Creek project, the most advanced thermal coal project in the country,” says Ausenco CEO Zimi Meka (pictured).

The appointment of Ausenco will facilitate Bandanna Energy with finalising the design, schedule and capital outlay of the project by June 30 this year.

The capital cost was previously estimated at $743 million in the Defensive Feasibility Study (DFS) completed in December 2012, but this will likely be revised due to the substantial weakening in the Australian mining construction market and an optimised project design.

In the intermediate phase of the project the companies will define the capital value of the project and deliver detailed plans for management and execution.

Bandanna Energy also reported an increase in probable reserves for the project from its latest reserve report.

The company reported a rise in probable marketable reserves from 154Mt in April 2012 to 165Mt in January 2014.

Bandanna Energy is scheduled to commence production on the Springsure Creek Coal Project by mid-2015.

BND is trading today at $0.15, up 3.5 per cent, while AAX is trading at $0.685, up 1.48 per cent.


Latest News

ADELAIDE APARTMENT BREAKS OFF-THE-PLAN RECORD WITH $3M SALE

AN apartment in 'The Adelaidean' residential development in Adelaide has sold for more than $3 million, which...

CABCHARGE GIVEN GREEN LIGHT TO BUY YELLOW CABS IN QUEENSLAND FOR $20M

THE consumer watchdog will not oppose the proposed acquisition of Yellow Cabs in Queensland by taxi payment service C...

SLEEPING ROUGH IN THE NAME OF CHARITY: 170 BRISBANE BUSINESS LEADERS TAKE PART IN THE CEO SLEEPOUT

OVER 170 Brisbane CEOs and business leaders will brave the cold tonight to fight homelessness in what will be the big...

DOMESTIC TOURISM IN AUSTRALIA BREAKS RECORDS, INJECTS $61.7 BILLION INTO NATIONAL ECONOMY

DOMESTIC Australian tourists have spent a record breaking $61.7 billion on intra and interstate travel this year, acc...

Related News

DOMESTIC TOURISM IN AUSTRALIA BREAKS RECORDS, INJECTS $61.7 BILLION INTO NATIONAL ECONOMY

DOMESTIC Australian tourists have spent a record breaking $61.7 billion on intra and interstate travel this year, acc...

THE DOCTORS WHO PLUNGED INTO THE SHARK TANK AND SURVIVED WITH A $500,000 INVESTMENT

THEIR mission is to change the face of cancer care with an app that empowers and connects patients and care givers...

IMF BRACES FOR BIG LOSS FOLLOWING WITHDRAWAL FROM SPOTLESS CLASS ACTION

LITIGATION fund IMF Bentham (ASX: IMF) is set to lose as much as half a million dollars after it ceases funding one o...

WAGERING GIANTS TABCORP AND TATTS GIVEN GREEN LIGHT FOR $11B MERGER

THE Competition Tribunal has approved Tabcorp's (ASX: TAH) $11bn takeover bid for Tatts (ASX: TTS) on the conditi...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter