Bandanna Energy mine plans leap the billion dollar mark
BANDANNA Energy is young, vibrant and enjoys outback Queensland - now it just needs a partner to share it with.
The aspiring coal producer wants help to develop a two-stage Springsure Creek mine near Emerald with a predicted price tag eclipsing the billion-dollar mark.
Together they would hire 300 workers to build the project, with 150 needed to operate it.
Already Bandanna has a relationship on the side with AMCI to develop the sprawling South Galilee project worth $4.2 billion.
Having now finished the feasibility study for Springsure, Bandanna told the Australian Stock Exchange it was ready for a joint venture.
For the past six months, it said, Bandanna has been meeting different groups prepared to build a life with the would-be miner.
J.P Morgan has been appointed strategic advisor, or matchmaker, to help Bandanna make its decision.
The first stage of Springsure Creek - worth $743 million - will produce a single mine delivering 5.5 million tonnes of coal per year, exported through the Wiggins Island Export Coal Terminal off Gladstone.
That would grow to 11 million tonnes per year after it finishes a $437 million upgrade.An environmental impact study is yet to be released to the public for the project.