The project is estimated to have a mineral resource of 288 million tonnes during mine life as per the optimized mine plan with resource value of $921m.

The company said that it will have planned average production of 5.8Mtpa over current mine life, and it will use highly efficient underground longwall extraction techniques for the project.

As per the PFS, the mine would require a capital cost of $151m including contingency fund, while it excludes capital cost related to leased equipment.

Balamara MD Mike Ralston: "This is a tremendous result for our shareholders, which clearly demonstrates the world-class nature of this project.

"The Sawin PFS has exceeded our expectations in almost every respect, demonstrating exceptional returns from what is clearly a tier-one asset with the potential to underpin a very robust, long-life underground coal mining operation."

Balamara previously acquired asset in Poland which includes Mariola and Nowa Ruda coal projects, and the Swain project is the third mine acquired by Balamara in the country.

The company has already completed the PFS study for Mariola Coal Project in March while it expects to complete the PFS study for the Nowa Ruda Coking Coal Project by end of this month.