(MENAFN - ProactiveInvestors - Australia) International Coal (ASX:ICX) is on the rise, with a fascinating portfolio of coal projects in Queensland.
Less known for some is that ICX has a joint venture at the Bundaberg Project in Queensland's Maryborough Basin project with QCI (Hancock Prospecting).
Based on progress to date, QCI may well exercise its right up to 51%, with ICX a 49% interest. The JV is targeting 280 " 370Mt Coking Coal.
Drilling is underway and coal quality results are expected out over the next few weeks.
Hancock is the operator and are known to be on site for several weeks now conducting Diamond Hole Drilling.
Results to date have been very encouraging with around 6 metres of coal being discovered at 220 metres (which is thought to be coking coal).
The South Blackall Project in the Eromanga Basin, QLD is also of note: A 1.2B tonne JORC resource of Thermal Coal drilled up with a massive Target resource of up to 7B tonnes.
There is also a large land holding (800 km2 for EPC 2197 and 8,800 km2 for 10 additional applications surrounding EPC 2197). Despite infrastructure challenges, this thermal Coal Project has been identified, drilled and proven. The project is located 650km from coast and is infrastructure constrained without a significant partner.
The Consuelo Project is located in Bowen Basin, QLD. ICX has the exclusive right to earn up to 70% of this project from private holder, Coal Face.
This is another large project in the making of very high grade Thermal Coal / Semi Soft Coking Coal (6300 k/cal unwashed).
It is strategically located next to the Rolleston Coal Mine, owned and operated by Xstrata. The latter is said to be the lowest cost, highest grade thermal coal mine that Xstrata has in Australia.
ICX also owns four x Large permits in the premier coal address, Bowen Basin. Located 10 " 15km from existing coal haulage rail and 380km to port, there is a target of 800 " 1.7Mt of coal. An EPC is under application and expect to be granted early in 2013. This could be a real prize based on size, scale, quality and access to existing infrastructure.
Also located near to the Meteor Downs South project owned by Endocoal Ltd (EOC.ASX) which has recently received a 0.38 per share CASH consideration BID by Chinese/Australian consortium " valuing the whole company at AUD71M.
Don Juan Project " Surat Basin, QLD: This project is located in the Surat Basin and is called Don Juan. This was recently acquired and ICX has the right to earn up to 70% of this also and is located in well known, high quality Surat Basin with a granted tenement over 132km2. The target is up to 410Mt of Thermal Coal. Drilling is expected to commence on this project in early 2013 also.
ICX currently has 137M FPO share on issue (6.7M share not listed on ASX) and 48M options at various strike prices (20 " 40c and include directors incentive options). ICX currently has circa 2.2M in the bank and a market cap of A25M at 0.18c per share.
International Coal could just be one of the picks for 2013.