A WORLD leading Chinese coal company has been granted a five-year exploration licence for the Watermark area near Gunnedah.
The NSW government granted the licence, which covers an area of about 190 square kilometres, to China Shenhua Energy.
The area is believed to contain shallow thermal coal resources of domestic and export quality.
Mineral Resources Minister, Ian Macdonald, says the deal could be worth more than $670m and will benefit the local area and the state.
Macdonald says the agreement will generate funding for infrastructure and services such as hospitals, schools and roads.
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