The Consuelo Project is located between Glencore Xstrata’s Rolleston Mine and Bandanna Energy’s Arcadia Deposit. It is expected to yield a high grade thermal to semi-soft coking coal product from a combined opencast and underground operation.

The company has an Exploration Target range of 800 to 1700 million tons of coal at the project.

ICX CEO Glenn Simpson said that this is great news for the company and provides certainty of tenure over the project.

"It gives us the green light to move forward with our plans to explore and develop this flagship project in the Bowen Basin."

"While we still need to see the results of the proposed exploration program, the historical evidence suggests the project has high potential for coal at depths currently mined using open-cut and underground methods and we are close to existing rail and port infrastructure," Simpson added.

With the project receiving clearance, ICX plans to commence immediately with land access and cultural heritage clearance work.

According to the company, a third permit is currently going through a mandatory native title notification and objection period, which takes a minimum of four months.