(EnergyAsia, April 13 2012, Friday) — Australia’s MetroCoal Limited has released an update on its attempt to form a joint venture to develop and market its fully-owned Surat Basin thermal coal Bundi project in Queensland state said to hold 1.56 billion tonnes of thermal coal reserves.

Since it began seeking a joint venture partner last May, MetroCoal said that it has received “a number of indicative non-binding offers” for a stake of at least 51% from various parties in China, India, US, Korea, Japan and Australia.

MetroCoal has indicated that it wants to maintain control of the project and would instead offer a minority interest to its prospective partner.

“There are a number of catalysts over coming months which should further de-risk the project and enhance the value of the Bundi project including finalisation of a scoping study, key rail and port infrastructure progress and continued upgrading of the resource,” it said.

The company added that it is seeking an established international coal or energy company “with a medium to long term vision of developing favourably located large coal resources for production of over five million tonnes/year of export quality thermal coal to 2040 and beyond.”

MetroCoal said it has “substantial financial resources” with cash at bank of approximately A$19.5 million and an additional A$19 million of project funding available through its Columboola joint venture with China’s SinoCoal Resources Pty Ltd. This funding will enable the company to continue to progress its projects as planned.

Chairman David Barwick and CEO Mike O’Brien are currently in China this week meeting with interested coal and energy companies.