Formed in 2008, Boardwalk Resources is a private mining investment entity containing a suite of coal development and exploration assets across New South Wales and Queensland. Its primary focus is on building a resource house with a considerable mining inventory based on near term growth.
Boardwalk is built on strong management expertise and has established relationships with significant industry partners, providing it with the technical ability to successfully develop nominated projects.
The company’s projects plan to deliver hard coking, PCI and thermal coal products through successful exploration and resource development of proven coal deposits in Queensland and New South Wales.
Boardwalk also holds a 19.9% interest in Coalworks Ltd, an Australian mining company that listed on the ASX in June 2008. Coalworks’ primary focus is on coal mining development and production.
Boardwalk holds interests in various coal mining tenements and is currently conducting a number of exploration programs in Queensland and New South Wales including:
- The Sienna Project, where Boardwalk holds a 100% interest in the Sienna permit (Exploration Permit Coal (EPC 10233 and EPC 2089) in Queensland. The Sienna project, located 200 kilometres west of Rockhampton in Queensland near the town of Middlemount, is a prospect for an open cut mine development. To the north (an area known as Electra) is highly prospective for high quality, underground coking coal. Sienna was purchased from Norton Goldfields Ltd (Norton) in 2010. Norton had previously announced a 57Mt JORC compliant resource.
- The Dingo Joint Venture, which is approximately 150 kilometres west of Rockhampton, is being developed by Boardwalk in association with Cockatoo Coal (EPCs 862, 863 and 1063). The Dingo project comprises three tenements: EPCs 862 (Dingo North), 863 (Middle Creek) and 1063 (Tryphinia), with a combined surface area of approximately 25,600 hectares. The project is prospective for hard coking coal, PCI coal and export quality thermal coal from the Rangal and Burngrove coal measures.
- The Monto Project, where Boardwalk holds a 100% interest in the Monto permit in Queensland (EPC 1220). The Monto project comprises the Mulgildie basin near the town of Monto, approximately 120 kilometres south-west of Gladstone. The Mulgildie Basin is one of the few remaining, significant, undeveloped thermal coal resources in Australia. The project is located close to the Gladstone Port and adjacent railway.
- The Ferndale Joint Venture, is a project being developed by Boardwalk Resources, in association with Loyal Coal (92.5% subsidiary of Coalworks) under a joint venture agreement, collectively known as the Ferndale JV (Exploration License/EL 7340). It is a coking/thermal coal project in the Hunter Valley, New South Wales. The EL has prospects for export and domestic-use coal with an exploration target of 350 – 530 Mt. It is close to rail, road and port infrastructure and is approximately 125 kilometres west from the port of Newcastle.
In December 2011, Aston Resources and Whitehaven Coal announced that they had agreed to an all-scrip merger of equals that would result in the creation of a leading independent Australian coal producer.
Whitehaven has also agreed, conditional on the Aston Resources/Whitehaven merger proceeding, to acquire 100% of Boardwalk Resources Limited.
Following completion of the transaction, the merged company, to be known as Whitehaven Coal Limited, will have a pro forma market capitalisation of approximately A$5 billion[1], attributable resources in excess of 2 billion tonnes and projected coal production of 25Mt by FY2016 (100% basis)[2].
The merged company will have a high quality portfolio of producing mines, major development projects and attractive exploration assets and will be in an excellent position to generate enhanced value for all shareholders.
The combined assets of the merged company will include:
- Boardwalk’s various exploration projects in Queensland and NSW;
- Aston’s major Maules Creek development in NSW;
- Whitehaven’s Narrabri, Rocglen, Sunnyside, Tarrawonga and Werris Creek mines; and
- Whitehaven’s Gunnedah Coal Handling & Preparation Plant (CHPP).
The transaction is subject to a number of conditions including Aston shareholder and regulatory approvals, and is scheduled to be completed in April 2012.
The new company will be chaired by Aston’s current non-executive Deputy Chairman, the Hon. Mark Vaile, with Tony Haggarty of Whitehaven as Managing Director.
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