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The Australian Stock Exchange-listed diversified miner, which also operates nickel, iron ore, copper and gold projects in Australia, said that the drilling program has been delayed by "unforseen regulatory hurdles".

Fox acquired the Bundaberg tenement from US iron ore and pellet producer Cliffs Natural Resources joint venture company Currawong Coal in December 2012.

The company said it expects assay results from the drilling programme in early 2014.