Under the terms of the agreement, the parties will work together to develop the resource at Bundaberg held under EPC 1523 (Fox Resources 100%) and EPC 2196 (International Coal 75%; Queensland Coal Investments 25%).
Fox Resources managing director Paul Dunbar said that the data sharing arrangement is an initial step toward economic viability evaluating of the combined coal seams that occur on EPC2196 and EPC1523.
"We are going to work together in a transparent manner to evaluate the potential and possible economic viability of the combined project," Dunbar added.
"It’s in our best interest to see the project evaluated and potentially developed to its maximum potential."
The data sharing agreement, which marks the first step towards possible development of the coal seams in the area, paves the way for additional cooperation between the two companies on the project development.
International Coal chief executive officer Glenn Simpson said that International Coal aims to refine understanding of resource, the resource potential in the region and move toward conceptualizing the opportunity it presents.
"Having a strong relationship with Fox Resources will ensure we maximize that opportunity and makes perfect sense for the potential development of the area," Simpson added.
