Altona Energy Plc said Feb. 2 that it entered into a nonbinding memorandum of understanding with joint venture partners Wintask Group Ltd. and Sino-Aus Energy Group Ltd. to jointly assess the potential for a conventional coal mine in the Westfield tenement, part of the Arckaringa property in South Australia.
Wintask and Sino-Aus also confirmed they would provide funding of A$3.3 million and A$29.7 million, respectively, which was committed under a 2014 joint venture agreement.
The financing is expected to be sufficient to cover exploration and a bankable feasibility study on the project. The company intends to immediately engage a geological consultant company to deliver an initial exploration plan for Westfield.
