Hunnu Coal Buys Majority Stake In Mongolia Coking Coal Project
May 22 2011 - 8:03PM
Dow Jones News
Hunnu Coal Ltd. (HUN.AU) said Monday it has bought Rio Tinto
PLC's (RIO) controlling 70% interest in the Altai Nuurs coal joint
venture project in southwestern Mongolia for a A$23 million cash
payment on signing of the deal and a further A$17 million in
deferred payments.
MAIN FACTS:
- The Altai Nuurs project is located in the south western Gobi
Altai province of Mongolia, about 250 kilometers by road to the
Burgastai border crossing point into China and 550 kilometers to
the China rail network.
- The project comprises six licenses exploration licenses
totalling 46,212 ha and four mining licenses totalling 202 ha, with
an exploration target of between 250 million metric tons and 500
million tons.
- Preliminary test work indicate the coking coal parameters
compare favorably with similar coking coal projects elsewhere in
the world.
- Hunnu said it intends to continue its exploration and
acquisition efforts and, with the support of its strategic partner
Banpu PCL, move from exploration to mine development and then into
production all within this year.
-By Melbourne Bureau, Dow Jones Newswires; +61 3 9292 2094;
robb.stewart@dowjones.com
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