Moreton Resources Ltd (MRV) is an ASX listed group of companies within the Australian resources sector. As a result of its diverse history spanning 21 years, Moreton Resources is uniquely positioned to rapidly increase its coal resources and grow its business in 2016 and beyond, whilst not only focusing on the Coal sector.
The Company has a strong history in the Resources, Oil and Gas sectors, having been established in July 1993 as Pinnacle Mining, after acquiring tenements in Western Australia and the Northern Territory. The Company then evolved, and in 1996 through a reverse listing, became Cougar Energy Limited, which was primarily focused on underground coal gasification in the oil and gas sector. It was through this period the Company acquired several coal tenements throughout Queensland. In late 2013, following an internal re-organisation, the Company changed its name and Moreton Resources Limited was formed.
In an effort to stabilise the Company and utilise the assets to rebuild shareholder value, a newly formed board and executive management team were voted in by shareholders in November 2013. Since that time, the board and executive management have worked hard to decrease extensive corporate operating costs and have focused on significant areas of value add for shareholders.
This simple strategy of “focusing on shareholder value” has culminated in the development of an aggressive strategy for 2016 and beyond. If successful, Moreton Resources Limited through our subsidiaries will emerge as an aspiring operator with significantly increased coal resources across the three assets; ranging from potential high grade PCI coal through to Thermal coal in an approximate 25/75% split respectively, with an ambition of acquiring further assets possibly outside of the coal sector.
Moreton’s current assets are all located within the well-known coal rich areas of the Bowen, Surat and Tarong Basins. These locations also offer the associated infrastructure of power, utilities, road, rail and/or haulage in addition to potential joint venture or off-take partners within close proximity. Through our subsidiaries, Moreton Resources is now in its best position to date to quickly progress its projects and actively grow to become an operator within the Australian Resources Sector with a strong and significant shareholder base.
On August 6, 2015, the board of Moreton Resources launched the formation of the following subsidiaries: