XSTRATA Coal has announced significant improvements to its total Australian coal resources, which it attributes to its Wandoan project in Queensland’s Surat Basin.
According to the company, prefeasibility studies at the Wandoan operation indicate the site now holds more than 2.5Bt of coal, some 470Mt more than initial estimates.
The company has also reported increased resources at its Ravensroth West and Cumnock areas, as well as its Tahmoor longwall and Mangoola open cut projects in NSW.
The miner recently reported overall coal production at 85.5Mt for its Australian operations in 2008, boosting its total managed resources by 2.1Bt. The company’s Australian thermal coal output has also jumped nearly 15% since 2007.
With turbulent market conditions in recent months, Xstrata has made a number of moves to adjust to reduced demand and a slump in commodities prices.
However, Xstrata group chief executive, Mick Davis, says the outlook for 2009 is looking up.
“Investment in infrastructure is set to increase during 2009 and 2010, reflecting the significant stimulus packages announced by many major governments which prioritise commodity-intensive investment in many cases,” he said.
Despite tough times in the current economic market, Xstrata is continuing to post positive results and expects the industry will turn around in the near future.
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