News

Rinehart partner finds quality coal seam near Bundaberg

The discovery of a high quality coal seam near Bundaberg may be good news for the battered community.
The discovery of a high quality coal seam near Bundaberg may be good news for the battered community. Jill Poulsen

GINA Rinehart's joint venture partner, International Coal, has revealed a surprisingly high-quality coal discovery near Bundaberg.

International Coal told the Australian Securities Exchange on Wednesday that results at one drill hole near Bundaberg, in the Maryborough Basin, had returned an extremely high-quality coking coal.

News Ltd reports Mrs Rinehart's company, Queensland Coal Investments, struck a deal last year with International Coal in which QCI will spend $3 million on exploring tenements in the Maryborough Basin in exchange for a potential 51% interest in the project.

International Coal chief executive Glenn Simpson said the results of the explorer's drilling program so far were pleasing, but he stressed the company had "a long way to go" to prove it had a viable project.

Mr Simpson said the company would need to wait for conditions to improve before drilling could restart.

In an announcement to the ASX on Wednesday, the company expressed its deepest sympathy for the damage suffered by the Bundaberg community recently.

"The Bundaberg community has been welcoming and understanding of our project activities, and our thoughts are with those now who have lost property, sustained damage and face the challenge of the rebuild ahead," a statement read.

Topics:  bundaberg, coal, coal mining, gina rinehart, mining, resources




UPDATE: Two rushed to hospital as crash shuts down busy Gladstone road

The crash on the corner of Tank St and Glenlyon St.

ACCIDENT directly outside Gladstone’s ambulance headquarters.

WATCH: Gladstone 'criminal' rammed cops in runaway rampage

Grant Lee Hawdon hwe as sentenced over two counts of dangerous operation of a car in Rockhampton and Calliope.

GLADSTONE “career criminal” deliberately rammed a police car.

Gladstone girl with 'food poisoning' after drinking Woolworths juice box

Mum of two Patrice Cornell found "green gunk" in her daughter's juice box.

MUM claims daughter, 2, got food poisoning from rotten juice box.

Latest deals and offers

Vintaea: Why I left The Bachelor on the first night

Vintaea Carlos was one of 22 "bachelorettes" looking for love on the fourth season of The Bachelor.

Queensland beauty leaves Richie at rose ceremony.

Amber Heard claims Johnny Depp is stalling divorce

Amber Heard claims Johnny Depp is delaying their divorce

The Bachelor host: this year's season is a cracker

The Bachelor host Osher Gunsberg.

GUNSBERG says tonight will be "the best night of TV of the year".

Kerri-Anne Kennerley to Sonia Kruger: "Stay brave"

She said her television peer should "stay brave"

Swimwear designer looking for love on The Bachelor

Noni Janur on her first day of filming.

The 25-year-old is one of 22 women vying for Richie Strahan’s heart

You can own this Queensland town for just $1

Yelarbon

Unprecedented auction of town's business centre with no reserve

Work starts on $15M Caloundra apartment building

Turning the first sod at the Aqua View Apartments site in Kings Beach are (from left) husband-and-wife developers Alex Yuan and Stella Sun with construction company Tomkins director Mike Tomkins and Councillor Tim Dwyer.

Developers excited about addition to Kings Beach skyline

72-year-old Coast developer set to start new project

GREEN LIGHT: The Cosmopolitan has been approved for development at Cotton Tree.

Meet the Canberran set to deliver another chapter for Coast suburb

Plans revealed for 1500-lot 'master-planned community'

Precinct will be bounded by Boundary St and Shoesmith Rd

Ecco Ripley sales run sparks prime release

MOVING IN: Sekisui House has announced the release of more residential blocks at Ecco Ripley.

Sekisui House is preparing to unveil more land at Ecco Ripley

The climb is slow but property on the way up

Michael Matusik, director of Matusik Property Insights.Photo Allan Reinikka / The Morning Bulletin

The improvement would be mild when compared to past cycles