In August of 2015, Moreton Resources announced to the ASX that is was restructuring the Company, and as a key outcome of this restructure, MRV Tarong Basin Coal PTY LTD was developed, with the specific intent of advancing the Tarong basin, as a key component of MRV’s overall strategy. The move also allowed for the 100% transfer of MDL 385 (Transfers currently being undertaken) and an associated EPM 25992 application. This will allow the Company to potentially develop these two assets, being a Mineral Development License and an Exploration Permit for Minerals within the Tarong region, which is complementary to the current aspirations of the Company within the Tarong Basin.
The Board of Moreton Resources has taken this step to allow MRV Tarong Basin Coal PTY LTD to advance as a single entity, which will enable the potential project to operate with far greater transparency and engagement in partnership with the broader South Burnett Community, whom ultimately will grant us the social licence to operate. Moreton Resources specifically sees this asset as having the potential to contribute significantly to the economic prosperity of the region, as it is well understood that power generation and coal activities have sustained and benefited the South Burnett for the last 30 years.
Through already released announcements, MRV has stated the potential for a 30-plus year mine life. Should the Company be able to provide a competitive and superior quality coal supply that can be considered an alternate to other supplies or regions of operation within the State, the South Burnett region will be able to prosper for another 30 years. MRV Tarong Basin Coal’s sole purpose is to evaluate and advance the prospects of developing a suitable Coal supply that will ensure economic stability of the region, and as such will continue to assess viability of a potential project that has the prospect of bringing a substantial infrastructure and development project to the South Burnett.