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Coal-based explorer Northern Energy Corporation Ltd (ASX:NEC) says production of coking coal at its Colton Mine in Queensland has moved a step closer after receiving environmental clearance from the Commonwealth Government.
After assessing the mine's environmental impact, The Department of Sustainability, Environment, Water, Population and Communities says the development of the resource can now proceed with the remaining approvals required from State and local governments.
Managing director Keith Barker says the decision supports the company's views that the Colton Mine project will not damage the environment and instead, provide significant employment and benefits to the local community.
Mr Barker says the positive decision is an important milestone on the road to the Colton Mine starting production in 2012.
Just last week, New Hope Corporation Ltd (ASX:NHC) made a takeover offer for the company, valuing the company at around $193 million.
Northern Energy Corporation posted a $1.06 million profit in the 2010 financial year.
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