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Platts reported that Australia’s Stanmore Coal Ltd. (ASX:SMR) received a $1.23 million research grant from the Japanese government. The grant is intended to help develop Stanmore’s Range project in the Surat coal field.

Platts reported that Australia’s Stanmore Coal Ltd. (ASX:SMR) received a $1.23 million research grant from the Japanese government. The grant is intended to help develop Stanmore’s Range project in the Surat coal field.

As quoted in the market news:

The funding agreement was signed in Tokyo during a recent coal marketing trip undertaken by Stanmore Coal that brought forward interest from Japanese end-users and power utilities, said the coal exploration company.

Japanese fuel sales company Taiheiyo Kouhatsu Inc., as signatory to the agreement with Stanmore Coal will be able to purchase a total 400,000 mt of thermal coal from The Range project over the first three years of its initial production for distribution to Japanese customers.

Click here to read the full Platts report. 

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