News and Announcements
Carmichael Royalty Update
- Published December 06, 2012 5:28AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Linc Energy (ASX: LNC) is pleased to note a media release by Adani Mining Pty (“Adani”) on 2 December 2012 reporting significant progress to its Carmichael coal project and a further definition of its resources remains on target to start overburden removal operations at the Carmichael coal project towards the end of 2012 with exports to occur in first quarter 2016. The ramp up to full production (60Mtpa) is expected by 2022.
Adani, a subsidiary of India’s Adani Group, acquired the Carmichael Coal tenement from Linc Energy in August 2010 for $500 million in cash together with a significant royalty ($2 per tonne (indexed CPI) over the first twenty years in production).
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