Located on the border of Scotland and England, Lochinvar is in proximity to infrastructure, including direct access to rail, power, water, and major roads.
Carried out by Palaris Australia, the scoping study revealed that the project would produce around 1.4 million tons of coal a year over its life of 26 years at $70 per ton.
New Age Exploration managing director Gary Fietz said: "The study confirms the potential for a long life operation producing a low ash, high volatile coking coal to supply domestic UK and European steel mills with operating costs in the lowest quartile of the global seaborne coking coal cost curve."
The project is said to host a total indicated and inferred resource of 111 million tons.
Around 1.9 million tons of run-of-mine (ROM) coal is expected to be conveyed from underground operation.
Over the mine life, a total of 47.3 million tons of ROM coal would be produced, averaging 1.9 million tons per year with a peak production of 3.1 million tons per year ROM coal in year 16.
