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Mining

South Africa: Acacia Coal acquires Riversdale coal project

Tuesday, 18 October 2016 13:13

(Ecofin Agency) - Mining junior Acacia Coal signed a deal with Coalvent to buy a 74% interest in the Riversdale anthracite project, in South Africa, currently held by a subsidiary of Rio Tinto.

Under the agreement, Coalvent will get the project from Rio Tinto and sells it back to Acacia for AU$2.9 million cash and AU$2.6 million in shares based on certain milestones. Remaining 26% will be held by black economic empowerment partner African Onca.

Acacia declared on October 17 that it would focus on updating a 2010 bankable feasibility study and refresh 2004 Joint Ore Reserve Committee-compliant resource.

It also said it will raise $2 million for the deal and to pay expenses planned under the project.

Acacia Coal is a coal exploration and mining company listed in the Australian stock market ASX.

Louis-Nino Kansoun





 
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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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