RSS 2.0 FeedJune 2010 vol 14, Mining and Industry Indaba
Sable Mining acquires Zimbabwe coal stake
Sable Mining Africa has acquired an 80% interest in Monaf Investments, which holds the Lubu Coal concession in the Bulawayo Mining District of Zimbabwe, for 3m cash.
Sable Mining Africa has acquired an 80% interest in Monaf Investments, which holds the Lubu Coal concession in the Bulawayo Mining District of Zimbabwe, for 3m cash.
A further $3m in shares at 28p per share will be payable subject to satisfaction of certain conditions.
The company says the transaction is part of its strategy to identify and invest in coal and iron ore assets it believes can be rapidly developed to production.
CEO Andrew Groves said, 'The immediate objective will for Monaf to initiate a drilling programme to better define the geology of the coal basin with the intention of confirming the initial 330m tonnes to SAMREC compliant status and in turn generating significant value uplift for our shareholders.
'Once this is achieved, the intention would be that Monaf would commission a bankable feasibility study and then move towards developing the asset to production.'
