Coal of Africa Farm Swap Deal With Kwezi, Rio Tinto JV Cos
29 October 2009 - 7:50PM
Dow Jones News
Coal of Africa Ltd (CZA.LN), a coal mining and development
company operating in South Africa, said Thursday it and its wholly
owned subsidiary Regulus Investment Ltd have entered into an
exchange of prospecting rights agreement with Kwezi Mining and
Exploration Ltd and Chapudi Coal Ltd, joint venture companies held
by the Rio Tinto Group (RTP) and the Kwezi Group of South
Africa.
MAIN FACTS:
-Agreement for exchange of prospecting rights signed
-Creation of contiguous Makhado project of more than 20km strike
length opencast coking coal mining
-Considerable mining synergies and uplift in operational
economics
-Consideration payable by Regulus to Chapudi will include
premium of ZAR12,500,000
-Terms of joint venture agreement with Rio Tinto Group over
other Limpopo farms being negotiated
-It is proposed that Chapudi will be the operator of the JV
-Farm swap agreement
-Rationalisation of farms owned by Chapudi, Kwezi and CoAL
provides significant benefits in bringing collective properties
into commercial production.
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com
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