www.reyresources.com
Rey Resources (ASX: REY) is thermal coal development company with a large resource and major land position of 8,000km2 in the emerging Canning Basin of Western Australia. A Pre Feasibility Study on the firm’s maiden 511Mt JORC resource at Duchess Paradise was completed in January 2010 and revealed a 2Mtpa highwall mining export thermal coal operation, commencing production in 2013, to be financially robust. Capital costs are estimated at A$113 million and operating costs at A$60/t FOBT Derby, where Rey has its own port and loading facility. A major exploration program in 2010 over 100kms of subcrop will seek to extend the 8 year life of the proposed operation and add new resources.
Rey Resources shrugs off takeover, progressing DFS for Duchess Paradise coal project
Rey Resources (ASX: REY) has shrugged off a takeover offer by Gujarat NRE Coking Coal Limited, revealing that Gujarat received less than 0.5% acceptances from Rey shareholders during the offer period of 11 months, which has now lapsed.
Gujarat’s current shareholding of 12.38% is less than its shareholding at the commencement of the offer of around 16.6%.
With the rebuff to Gujarat, Rey's shareholders and investors have voted solidly to support Rey managing director Kevin Wilson's strategy to develop the Duchess Paradise thermal coal project in the Canning Basin in Western Australia.
Wilson said today, the definitive feasibility study on the Duchess Paradise Project is progressing rapidly, with key project consultants appointed and mine planning advancing.


















