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AUSTRALIA'S GLOUCESTER COAL MAKES NEW COKING DISCOVERY.
SYDNEY, May 1 Asia Pulse - Shares in Gloucester Coal Ltd (ASX:GCL) jumped higher in early trading after the company announced it had made a major new coking coal discovery.
The "significant' discovery was made in the Gloucester Basin in Newcastle, NSW, after drilling intersections confirmed the continuity of a major seam of coking coal along the eastern side of the basin.
"This is an important new discovery for Gloucester Coal and we expect further drilling over the coming months will enable us to delineate resources," chief executive Rob Lord said.
Analyses indicate that a product coal yield of about 70 per cent to 75 per cent could be anticipated from routine washing, the company said.
About 50 per cent of the ...
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Source: HighBeam Research, AUSTRALIA'S GLOUCESTER COAL MAKES NEW COKING DISCOVERY.