With this, the company has rights to explore and develop coking coal project in south-western Poland, comprising a developed underground mine with historical production over several decades of around 1million tons per annum of coking coal.
Balara Resources is planning to undertake restructuring process after securing a major resource with company-making potential. The process includes potential divestment of its existing base metal projects in Central Europe and Australia.
Spanning over an area of 20km2, the project consists of a single lease area covering two adjacent coal deposits, Waclaw and Piast deposits and has extensive key infrastructure including roads, rail, power and water.
Balamara stated that following the completion of a feasibility study, the exploration license can be converted to a mining license.
The company expects to manage overall cost structures operating the project more commercially, and coupled with considerably higher prices for end-product as exists today this creates a significant opportunity for shareholders, added the company.
