Acacia Coal Ltd. released its initial resource estimate for the Riversdale anthracite colliery. The company entered an agreement in October 2016 to acquire Coalvalent Ltd. and its 74% interest in the Riversdale property from Rio Tinto.
The Gus Seam at Riversdale hosts indicated and inferred resources totaling 8.97 million tonnes of low-sulfur and low-phosphorus anthracite, according to the company's Feb. 1 news release.
Acacia Coal is planning further drilling, aiming to upgrade the resource. In addition, the Alfred Seam at Riversdale, previously excluded from estimates, is being drilled with results expected in the second quarter.
A pre-feasibility study and updated resource estimate are also scheduled for release in the second quarter.