17th Feb 2015 08:36
LONDON (Alliance News) - Cluff Natural Resources PLC on Tuesday said an independent study has confirmed a significant coal exploration target at the Workington and Maryport licences in Cumbria, north west England.
Cluff said the initial exploration target for the site is between 384 million and 640 million tonnes of coal with the Solway Firth prospect area.
The target is based on seven key coal seams which could be suitable for conventional coal mining, Cluff said.
"This significant exploration target adds an exciting new dimension to Cluff's portfolio of UK energy assets. The global outlook for metallurgical and coking coal is predicted to remain steady with substantial upside potential on the back of decreasing supply and increased steel demand as the global economy continues to recover," said Cluff Chairman and Chief Executive Algy Cluff.
Shares in Cluff were up 2.6% to 5.00 pence in early trade on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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