re: Ann: LKO to search for Coal - Finds oil i... Carbon tax no barrier
March 30, 2011
JUNIOR explorers are still picking up coal deposits and backing their ability to mine the resource, despite the spectre of a carbon tax.
Lakes Oil, through its subsidiary Commonwealth Mining, is tipped to pick up two exploration licences in Victoria's Latrobe Valley within weeks , with the long-term goal of establishing a power station with less carbon output.
Lakes Oil chairman Rob Annells said it would work with 16 per cent-owned Greenearth Energy to assess ways to reduce emissions from fossil-fuelled power sources.
Mantle Mining this week announced it too had been granted an exploration permit, in Bacchus Marsh, to mine a potential target of 1-2 billion tonnes of coal.
The company is in a 50:50 joint venture with Exergen to develop the deposit.
Exergen believes its dewatering technology could reduce 40 per cent of the emissions from coal-fired power generation.
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