Continental Coal Receives Final Approval For Mashala Resources Acquisition
October 13, 2010
Continental Coal (ASX: CCC) moves one step closer to developing into a mid-tier Southern African coal producer with the final necessary approval from the South African Department of Minerals and Resources to acquire Mashala Resources, through African subsidiary Continental Coal Limited.
The acquisition provides Continental with immediate export coal production from the Ferreira open cast mine which exported approximately 600,000 tonnes during financial year 2009.
Of major importance to move the coal, Mashala has Richards Bay Coal Terminal (RBCT) allocations and Transnet Freight Rail contracts in place, boosting key logistical capabilities.
Mashala has a 300tph wash plant operation and rail siding only 3km from the existing Ferreira open cast mine and Penumbra underground project, where Continental is looking to immediately commence works designed to develop this project into a 500,000tpa export thermal coal operation.
Under sale terms executed on 15 September 2010, Continental will acquire a 64.1% shareholding in Mashala for a cash payment of US$35 million.
The balance is to be acquired on same terms within 12 months of settlement date.
A massive 6.6 Bt exploration target has been identified at the Mashala Coal Project, in Botswana, with 2.7Bt at a shallow to moderate depth, confirmed by independent South African consulting geologists Gemecs.
http://www.proactiveinvestors.com.a...-for-mashala-resources-acquisition-10768.html
October 13, 2010
Continental Coal (ASX: CCC) moves one step closer to developing into a mid-tier Southern African coal producer with the final necessary approval from the South African Department of Minerals and Resources to acquire Mashala Resources, through African subsidiary Continental Coal Limited.
The acquisition provides Continental with immediate export coal production from the Ferreira open cast mine which exported approximately 600,000 tonnes during financial year 2009.
Of major importance to move the coal, Mashala has Richards Bay Coal Terminal (RBCT) allocations and Transnet Freight Rail contracts in place, boosting key logistical capabilities.
Mashala has a 300tph wash plant operation and rail siding only 3km from the existing Ferreira open cast mine and Penumbra underground project, where Continental is looking to immediately commence works designed to develop this project into a 500,000tpa export thermal coal operation.
Under sale terms executed on 15 September 2010, Continental will acquire a 64.1% shareholding in Mashala for a cash payment of US$35 million.
The balance is to be acquired on same terms within 12 months of settlement date.
A massive 6.6 Bt exploration target has been identified at the Mashala Coal Project, in Botswana, with 2.7Bt at a shallow to moderate depth, confirmed by independent South African consulting geologists Gemecs.
http://www.proactiveinvestors.com.a...-for-mashala-resources-acquisition-10768.html