Bowen Coking Coal Ltd. terminated the term sheet with Springsure Creek Coal Pty. Ltd. for the sale of its Comet Ridge coal project in Queensland, Australia.
The parties could not reach an agreement on certain key commercial issues, according to an Oct. 16 release.
Additionally, Bowen said tenement EPC 1230, which underlies Comet Ridge, was granted for a further five years with an annual exploration commitment of A$20,000 per year. The company is considering various strategic options to realize its value.