AUSTRALIAN innovative energy company Linc Energy is selling its Teresa coal exploration permits to China-based Xinwen Mining Group.
Linc says funds from the $1.5bn deal will support its synthetic fuels aspirations.
Payment for the agreement will extend over seven monthly installments, to be completed by June 2009.
Linc Energy developed Chinchilla’s coal-to-liquids project, which uses underground coal gasification (UCG) to produce syngas which is converted to fuels and chemicals.
The company is working with liquid fuels with hopes to become a major global player in clean-coal technologies.
Xinwen produces over 35Mt of coal each year and has over 30 billion tons of coal reserves.
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