Greenvale backs away from Within geothermal deal

Greenvale Mining has pulled back from its proposed acquisition of Queensland geothermal energy company Within Energy. Greenvale said both parties had determined the proposed transaction would not deliver the benefits originally envisaged. Greenvale holds a portfolio of geothermal interests in Central and North-West Queensland as the foundation for a carbon credit and renewable power generation strategy. Within Energy has three exploration permits under application to uncover exploitable geothermal sources around Gladstone, Lockyer and Biggenden – covering a total area of about 11,000sq km. “We see green energy as an enormous business opportunity for Greenvale in Australia," Greenvale Mining managing director Neil Biddle said. "Geothermal energy is widely harnessed using Binary Organic Rankine Cycle technology in the Northern Hemisphere but is still in its infancy in Australia. "The geothermal assets we have secured in the Millungera Basin in North-West Queensland and Central Queensland provide a solid foundation for what we see as a significant business opportunity for Greenvale. “From hereon we will focus our resources and efforts on progressing these assets, while also generating the carbon credits required to support the permitting of the Alpha project. "We believe this dual-track approach has the potential to deliver significant value for Greenvale shareholders.” Greenvale in June entered into a conditional agreement to acquire an initial 51 per cent controllinginterest in Toowoomba-based Within Energy, increasing to full ownership as agreed milestones were satisfied. Related Greenvale targets geothermal riches east of Mount Isa Announcing that the deal was off, it said this week that Greenvale’s technical team believed its recent geothermal exploration applications in the Millungera Basin in North-West Queensland (see diagram below) together with its Central Queensland EPGs represented an outstanding new business opportunity to produce reliable baseload geothermal energy into the national grid. The team will initially focus its geothermal efforts on the Millungera Basin, which lies within the catchment of the $1.7 billion CopperString 2.0 project, which will see remote parts of North-Western Queensland connected to power infrastructure in Townsville. Greenvale said its carbon credit and renewable power strategy would also support development of the Alpha torbanite project and its vision to become a sustainable producer of bitumen products to meet the growing infrastructure needs of Queensland and Northern Australia. The company reported solid progress with test work and feasibility study programs for the Alpha project.

Greenvale backs away from Within geothermal deal

Industry Queensland

Related News

Anglo rejects ‘opportunistic’ takeover push

Worker dies after 20m fall at wind farm site

Callide coal operation hits the 80-year mark

Get access to breaking mining news, now.