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Altona to assess potential for conventional coal mine at Westfield tenement

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.