Japanese major Sumitomo Corporate has elected to proceed with an earn-in at the Hillalong joint venture (JV), in Queensland.
ASX-listed Bowen Coking Coal and Sumitomo in November last year struck a formal farm-in agreement under which Sumitomo would earn an initial 10% interest in the project by funding A$2.5-million of exploration expenditure, with the right to earn an additional 10% by further funding A$5-million.