From commencement of drilling at the Ashford hard coking coal project in August 2005, the company now also has projects at Elimatta (Surat Basin Qld), near Emerald (Bowen Basin Qld) and near Maryborough Qld. In 2006 the company announced an MOU with Sojitz Corporation of Japan to form a Joint Venture on the Emerald coal project and the initial Maryborough exploration programme is being partially funded by the Japanese Government through a subsidy arrange by a Japanese company interested in the Maryborough coals for their potential coking properties.

Also in 2006 the Queensland Government announced the granting of an exclusive mandate for the construction of the Surat Railway linking the Wandoan region with Gladstone. This link will provide access to a coal shipping terminal for the Elimatta project.

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ASX - Open $1.400 High $1.400 Low $1.370 Mov $0.000 as at 20/08/2008 18:50:00