[SMM Coal Flash] White Energy Completes AUD 500,000 Purchase of South Galilee Coal Project

Australia’s White Energy Company has completed the acquisition of the South Galilee Coal Project in Queensland from the AMCI Group for an upfront cash payment of AUD 500,000. The deal was completed through the acquisition of all shares in AMCI (QCoal) Pty Ltd, which owns the entities holding the project’s coal tenements. AMCI Investments is also entitled to a further AUD 1.5 million upon the grant of a mining lease, plus a royalty of AUD 2 per tonne of coal sold, capped at AUD 18 million.

The project is a proposed 17 million tonnes per annum open-cut and underground thermal coal mine, located near Alpha, Queensland. White Energy plans to conduct further drilling and technical and economic studies to assess development options.