Australia-based miner Legacy Iron Ore Limited (Legacy) has announced that it has finalized the acquisition of a third coal tenement in Queensland, thereby increasing its landholding in the promising Queensland coal industry.
According to Legacy's statement, the tenement has the advantage of being close to infrastructure with major roads nearby as well as a rail network. While no exploration has been carried out on the tenement, there is a high probability of thermal coal targets and possible coking coal targets at depth.
Legacy Iron originally planned to acquire six tenements in the region. However, it has decided not to proceed with the acquisition of three remaining tenements. The acquisition of the first two tenements was completed in August 2012.