Moreton Resources

Moreton Resources Limited (former names: Pinnacle Mining, Pinnacle VRB and Cougar Energy[1][2]) is an Australian coal mining company. In 2007–2013 it was specialized on underground coal gasification and electric power production by produced syngas. In addition to Australia, the company planned underground coal gasification projects in the United Kingdom, India, Pakistan, China, and Mongolia.[3]

Moreton Resources Limited
FormerlyPinnacle Mining
Pinnacle VRB
Cougar Energy
TypePublicly listed company
ASX: MRV
IndustryCoal
Founded1994 (1994)
Headquarters
Brisbane
,
Australia
Key people
Alexander Jason Elks (CEO and Executive Chairman)
ProductsCoal
SubsidiariesMRV Metals
MRV Tarong Basin Coal
MRV Bowen Basin Coal
MRV Surat Basin Coal
Websitemoretonresources.com.au

History

The company was established in 1994 as Pinnacle Mining NL. On 5 June 1998 it changed its name to Pinnacle VRB Limited.[1] In 2006, the company acquired Cougar Energy Pty Ltd.[4] After merger, the company changed name to Cougar Energy Limited on 16 February 2007.[1]

Cougar Energy had a licence agreement with Ergo Exergy Technologies for utilization of the underground coal gasification technology developed by Ergo Exergy. The main underground coal gasification pilot project developed by Cougar Energy was located near Kingaroy, Queensland. The first syngas at Kingaroy pilot plant was produced on 16 March 2010.[5] The company planned to use produced gas at the proposed 400 MW Kingaroy Power Plant.[6]

Other projects included the underground coal gasification plants at Wandoan, Queensland (the Surat Basin), and Latrobe Valley, Victoria, in Australia and at the Thar Coal Field in Pakistan. Cougar Energy has also signed memorandums of understanding with Essar Oil and Exploration for cooperation in India and with Inner Mongolia Qi De Investment Co. Ltd. for cooperation in China. Its first commercial underground coal gasification project in Indonesia with its strategic partner PT MedcoEnergi Mining involved the development of a 30 megawatt power plant using UCG gas as feedstock.

Operations

Company's conventional coal assets are situated in Bowen and Surat Basins in Queensland. It develops the Mackenzie and South Burnett coal projects.[7][8]

Its subsidiary MRV Metals plans to produce silver and copper at Granite Belt.[9]

Incidents

On 16 July 2010, the Kingaroy pilot plant was temporary shut down after traces of benzene and toluene were detected in groundwater monitoring bores.[10][11] The level of hydrocarbons in the water was 95% lower than Australian drinking water guidelines.[12] Cougar Energy initiated two legal actions in Queensland seeking damages for the closing down of the Kingaroy plant as well as orders to permit the re-opening of operations at the plant.[13][14] By September 2013 the company was unable to afford the legal struggle and pleaded guilty to three counts of contravening conditions of an environmental authority and was fined A$75,000 plus A$40,000 costs.[15]

See also

References
  1. "Cougar Energy Limited (CXY)". InvestoGain Australia. Retrieved 16 January 2013.
  2. "Moreton Resources Ltd". Credit Risk Monitor. Retrieved 28 January 2018.
  3. "Cougar Energy signs Mongolian UCG agreement with Hulaan Coal Corporation". ProactiveInvestor Australia6. Retrieved 28 January 2018.
  4. Yeo, Bevis (5 July 2006). "Pinnacle ventures into coal gasification". Upstream Online. NHST Media Group. Retrieved 16 January 2013.
  5. Walker, Len (2018). "UCG commercialization and the Cougar Energy project at Kingaroy, Queensland, Australia". In Blinderman, Michael; Klimenko, Alexander (eds.). Underground Coal Gasification and Combustion. Elsevier. pp. 503–526. doi:10.1016/B978-0-08-100313-8.00015-3. ISBN 978-0-08-100313-8.
  6. Evans, Damon (10 June 2008). "Cougar set to raise cash for coal vision". Upstream Online. NHST Media Group. Retrieved 31 July 2010.
  7. "Cougar Energy highlights development potential of Mackenzie PCI Coal Project in Queensland". ProactiveInvestor Australia. 8 October 2013. Retrieved 28 January 2018.
  8. "Moreton Resources Ltd's coal plans take major step forward". ProactiveInvestor Australia. 10 May 2016. Retrieved 28 January 2018.
  9. Hoey, Trevor (5 January 2018). "Moreton Resources targets maiden silver and copper resource at Granite Belt". ProactiveInvestor Australia. Retrieved 28 January 2018.
  10. Lewis, Josh (16 July 2010). "Ground water carcinogens shut down Cougar". Upstream Online. NHST Media Group. Retrieved 31 July 2010.
  11. Lewis, Josh (19 July 2010). "Test results positive for Cougar". Upstream Online. NHST Media Group. Retrieved 31 July 2010.
  12. Lewis, Josh (20 July 2010). "Cougar suspends trading". Upstream Online. NHST Media Group. Retrieved 31 July 2010.
  13. Hobbs, Andrew (7 February 2012). "Cougar moves on appeal". Upstream Online. NHST Media Group. Retrieved 16 January 2013.
  14. Lewis, Josh (17 October 2011). "Cougar sharpens claws for legal battle". Upstream Online. NHST Media Group. Retrieved 16 January 2013.
  15. "Cougar Energy fined $75,000 for releasing cancer-causing chemical into groundwater at Kingaroy". The Courier Mail. 24 September 2013. Retrieved 28 January 2018.
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