Stanmore Coal has announced that mining leases for its Isaac Plains East (IPE) project have been granted alongside Commonwealth Environment Protection and Biodiversity Conservation Act (EPBC Act) approvals.
The lease will allow the company the opportunity to extend the life of the complex, located by Moranbah in the Bowen Basin, by about seven years. Production at Isaac Plains East is scheduled to commence by the first quarter of the 2019 financial year in an effort to boost 2019 production by 50 per cent to 1.8 million tonnes (Mt).
Stanmore acquired Isaac Plains in November 2015 following a period of care and maintenance; initial operations commenced at the beginning of 2016, with an estimated 55.3Mt compliant measured and indicated coking and thermal coal resources.
Stanmore managing director Dan Clifford said that the proposed production plans and successful progression of both sites would allow the company to take a step towards its 3.5Mt objective over the next two years.
“The Isaac Plains East mining lease grant supports the continued direct employment of 210 people in the Moranbah District, provides approximately $75 million in additional state royalties over the life of the operation, will provide numerous opportunities for local and regional small business and is a great outcome for Stanmore and all our stakeholders,” he said.