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LONDON, UK / ACCESSWIRE / April 19, 2017 / Active Wall St. blog coverage looks at the headline from Clean Energy Company Synthesis Energy Systems, Inc. (NASDAQ: SYMX) as the Houston, Texas based Company announced the acquisition of a 270 million ton JORC compliant coal resource lease near Pentland, Queensland, Australia on April 18, 2017. Register with us now for your free membership and blog access at: http://www.activewallst.com/register/.
One of Synthesis Energy Systems' competitors within the Specialty Chemicals space, Westlake Chemical Corp. (NYSE: WLK), is estimated to report earnings on May 02, 2017. AWS will be initiating a research report on Westlake Chemical following the release of its next earnings results.
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Details of the acquisition
The mine development lease MDL361 was acquired by Great Northern Energy Pty Ltd, a wholly owned subsidiary of Australian Future Energy Pty Ltd (AFE). Great Northern Energy Pty Ltd was formed by AFE specifically to manage the Pentland project. SES owns 40% stake in AFE, a privately owned Australian Company.
As per the agreed terms of acquiring the mine development lease, AFE has already paid the first two instalments and will be making the third and final payment within the next six months.
Commenting on the acquisition of mine development lease, Robert W. Rigdon, Vice Chairman of SES and Deputy Chairman of AFE said:
"AFE once again delivers another important component of its business plan. When developed, this significantly sized Pentland resource acquisition of marketable coal additionally represents a significant amount of unmarketable coal from which AFE can manufacture low-cost urea and substitute natural gas, among other products."
About the Pentland resource
The Pentland mining resource is located in the northern part of the Galilee Basin, which is known for its vast quantities of Permian thermal coal. The quality of coal at this location is JORC compliant thermal coal. The site has an existing rail access to Townsville, Queensland.
The JORC Code is a professional code of practice overseen by the global Committee for Mineral Reserves International Reporting Standards (CRIRSCO). The Code sets minimum standards and a mandatory system for public reporting of results, mineral resources, and ore reserves.
Purpose of the acquisition
SES is a technology Company that uses its proprietary technology by converting low-cost and low-grade coal, biomass and municipal solid waste into clean, high-value synthesis gas (syngas) and methane. SES's technology can also produce high-purity hydrogen which can be used as transportation fuel. SES technology can easily cater to the fuel needs for both large-scale and efficient small- to medium-scale operations.
AFE's main purpose is to develop business opportunities in Australia for manufacturing a range of clean energy and chemical products from unmarketable and waste coals generated in the coal mining process. AFE uses SES's proprietary technology for conversion of these waste products into clean energy products like fertilizers, natural gas, power, and industrial fuel gas. The technology benefits both the coal owners / operators as well as the environment at the same time provides a low-cost energy source for feedstocks.
In 2016, AFE had acquired Callide coal mine operations and founded Batchfire Pty, Ltd (‘Batchfire'). Batchfire currently owns and operates the Callide coal mines.
Recently on April 12, 2017, SES together with its joint venture partner China's Suzhou THVOW Technology Company announced the completion of the first and largest SES Gasification Technology (SGT) project. The project, which became operational, was one of the three SGT projects being installed by Aluminum Corporation of China. SES has a total of 12 commercial gasification systems in China.
Stock Performance
At the closing bell, on Tuesday, April 18, 2017, Synthesis Energy Systems' stock tumbled 5.38%, ending the trading session at $0.88. A total volume of 57.74 thousand shares were traded at the end of the day. In the previous three months, shares of the Company have surged 14.29%. At Tuesday's closing price, the stock's net capitalization stands at $76.62 million.
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