Surat Basin Projects

Cockatoo Coal currently holds 100% interests in approximately 4000km2 of coal projects in the Surat Basin region of South Eastern Queensland, inclusive of the Kingaroy project.

In addition, Cockatoo has a 51% interest in the Taroom and Collingwood projects and has entered into an agreement with Mitsui to sell down the Company's interest in the Woori project to 51%.
 

Mitsui currently own 49% of the Collingwood and Taroom projects and, together with the Woori project, will form the North Surat Joint Venture. The consolidation of the Collingwood, Taroom and Woori projects into one joint venture activity to be managed by Cockatoo, will facilitate the orderly development of these projects.

All projects are considered to have significant further resource potential, excepting the Woori project.
 

Surat Basin Project Areas

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The drilling undertaken on the Collingwood, Taroom, Tin Hut Creek and Krugers projects has delivered positive results that will form part of the development program of Cockatoo’s Surat Basin assets.

The continued expansion of the Company’s coal resource base and 2010 acquisition of 51% interests in the Collingwood and Taroom projects provide excellent scope for future development of multiple satellite operations with mining planned to commence coinciding with the new rail and port infrastructure slated for 2014.

Development of the Surat projects is dependent on construction of the planned Surat Basin Railway project  - which will be the single biggest economic injection ever for the region.

Mine planning and environmental studies, aimed at rapidly progressing feasibility studies and government development approvals, were initiated.

During the year, the attributable total JORC compliant resources at the Surat Basin projects (excluding Kingaroy and Ownaview) were increased by 107% to 863 million tonnes, including a 453% increase in the Measured and Indicated resource categories to 465.9 million tonnes.

A full breakdown of Cockatoo’s current Surat Basin JORC project resources as follows:

* As at September 30 2011 and reduced by subsequent production.

╪ Kingaroy lies east outside the Surat Basin