Whitehaven Coal (ASX:WHC) has received federal government approval for the Tarrawonga coal mine expansion in New South Wales.
Under the expansion project Whitehaven is seeking to expand the mine to the east and north of the existing mining area, increase production rate from 2 million tonnes of coal per year to 3 million tonnes per year.
It also seeks to extend the project life from 2017 to 2030.
The project got the state government approval for expansion in January.
The company is well funded for the expansion project holding $83.2 million in cash as at end of December 2012.
The Socio-Economic Assessment of the expansion indicated that the operation of the project could lead to $490 million in annual direct and indirect regional output or business turnover; $27 million in annual household income and 300 direct and indirect jobs.
The Tarrawonga mine is a joint venture between Whitehaven with 70% interest and Idemitsu 30%.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.