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Stanmore Coal, JOGMEC sign exploration, off-take deal for Isaac Plains projects

Stanmore Coal Ltd. said April 4 that it agreed to a joint exploration and support agreement with the Japan Oil, Gas and Metals National Corp., or JOGMEC, covering the Isaac Plains East and Isaac Plains coal projects in Queensland, Australia, and the subsequent off-take of the projects' output.

Under the agreement, subject to Foreign Investment Review Board approval, the company will receive A$3 million in funding for the advancement of the Isaac Plains East open-cut project and the investment decision for the Isaac Plains underground project.

In exchange, JOGMEC will have an annual right to tender a portion of the coking coal produced at the projects to end users in Japan which will last up to seven years. The annual right is split between product coal produced from each project and therefore contingent on each project reaching commercial production.