Beacon Hill Resources, the AIM-listed coal producer, has reported significant progress made towards establishing its flagship project, the Minas Moatize coking coal mine, as a Tier One cash cost coking coal mine within the next 12-15 months.
Further progress has also been made towards securing end to end rail export logistics infrastructure, including long term rail allocation on the Sena Railway line and conclusion of a US$21 million rolling stock transaction for five locomotives and 90 wagons.
“The Beacon Hill team remain centred on developing a low capex, low opex coking coal mine at Minas Moatize, capable of generating attractive returns to investors during all phases of the resources cycle. We are confident that Minas Moatize has all the right attributes, including significant tonnage with a limited strip ratio and high quality coking coal properties, to achieve this objective so our focus is set on developing the optimum processing parameters and logistics chain to deliver a Tier One cash cost asset,” said Beacon Hill CEO Rowan Karstel.
“In line with this strategy, I am delighted to report that we have received a non-binding offer for a $20 million debt facility for the expansion of the Minas Moatize washplant to 2.8Mt per annum run of mine, which, if secured, will enable the Company to accelerate development at the mine. I look forward to providing further updates regarding this funding in due course.”
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