Coal Of Africa Gets Approval For Makhado Coking Coal Project Farm Swap
September 13 2010 - 2:42AM
Dow Jones News
Coal of Africa Ltd. (CZA.AU), a coal mining and development
company operating in South Africa, said Monday it has received
confirmation from the South African Department of Mineral
Resources, or DMR, that the application for Ministerial consent to
effect the exchange of prospecting rights agreement with Kwezi
Mining and Exploration (Proprietary) Ltd. and Chapudi Coal
(Proprietary) Ltd., joint venture companies held by the Rio Tinto
PLC (RIO.LN)and the Kwezi Group of South Africa has been granted by
the DMR.
MAIN FACTS:
-Approval of the Rio farm swap agreement allows CoAL to lodge a
new order mining right, or NOMR, application for the Company's
flagship Makhado coking coal project.
-It is anticipated that the NOMR application will be lodged
before the end of the year, followed by an application for an
integrated water use license and further relevant approvals, as
required.
-The Rio farm swap agreement creates another three significant
coal projects around Makhado, namely the Mount Stuart coking coal
project, the Voorburg coking coal project and the Jutland coking
coal project, together with an additional two farms which will form
a natural extension to Makhado.
-Currently validating the data that has the potential to
significantly increase coking coal portfolio.
-Coal of Africa shares at 0805 GMT up 4.75 pence, or 5.8%, at
86.5 pence valuing the company at GBP458.9 million.
-By Ian Walker, Dow Jones Newswires; 44-20-7842-9296;
ian.walker@dowjones.com
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