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The Queensland coking and thermal coal explorer has appointed Grant Samuel Corporate Finance as its financial advisor to review and manage potential transactions.
In a statement released to the market yesterday, Endocoal stressed that any possible corporate transaction was currently 鈥減reliminary鈥� and 鈥渋ncomplete.鈥�
鈥淚t is highly uncertain whether they will lead to any proposal for consideration by the company鈥檚 directors and shareholders,鈥� Endocoal said.
The takeover interest comes after the company recently announced a 500% resource upgrade of its Rockwood project in Queensland.
The tenement has a JORC compliant resource of 312.5 million tonnes, made up of 44.Mt indicated resource and 268Mt inferred resource.
The tenement lies adjacent to Macarthur鈥檚 Codrilla and Wilunga projects and is prospective for low volatile PCI coal.
Endocoal has a handful of other prospective coal tenements, including its Meteor Downs South and Orion Downs projects, also located in Queensland.
Meteor Downs South has the potential to deliver at least 1.5Mtpa of direct-ship thermal coal for export.
The company anticipated the completion of a bankable feasibility study for Meteor Downs South in Q1 of 2012.
Throughout the year, the Australian coal industry has been in a flurry of takeover talks and deals, with Bandanna Energy, Carabella Resources and New Hope Corporation all putting their assets up for sale.
While Bandanna did not secure any favourable bids from parties, Rio Tinto and Mitsubishi swallowed Coal & Allied, while Peabody Energy took control of Macarthur Coal after a $4.9 billion takeover was announced in October.
ILN attempted to contact Endocoal for more details on the possibility of a corporate transaction but management was unavailable.
