Linc Energy Shares Jump on Coal Mine Sell Off Speculation

Linc Energy (ASX:LNC) shares have jumped more than 35% after it said it was in talks with Adani Enterprises to sell its coal mines.

Linc Energy CEO Peter Bond said that the coal mines at the Galilee tenement, which Adani is looking to buy, were valued at $1.3 billion.

Adani Enterprises, the Indian company has been allowed to undertake a feasibility study in regard to the construction of a port at Dudgeon Point near Mackay in Queensland. In fact the North Queensland Bulk Ports Corporation announced that Adanis Enterprises has also been given rights to access the viability of the port.

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Being in close proximity to the Dalrymple Bay Coal Terminal and Hay Point makes it an ideal location for future export plans. BHP Billiton and Mitsubishi jointly operate Hay Point and route a lot of exports via Dalrymple Bay as well.

Linc Energy is Australia's leader in clean coal technology and has proven the combination of two technologies, Underground Coal Gasification (UCG) and Gas to Liquids (GTL). Together these technologies have the potential to economically convert 'stranded' coal, from deep underground, into ultra-clean liquid fuels.

Shares in Linc Energy were trading at AUD$1.36, 2:55PM AEST today.

Joel Scanlon

Written by

Joel Scanlon

Joel emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.

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