Maputo, Mozambique — 02 October 2013 – Australian-based coal miner Beacon Hill Resources has updated the size of its proven and likely coal reserves at its Minas Moatize concession in Mozambique to 39.38Mt.
The company “’ which is listed on the Australian Stock exchange and the Alternative Investment Market (AIM) of the London Stock exchange “’ added that of those reserves 16.16Mt were proven and saleable, and at least 8.3Mt were coking coal, reports Macauhub News Agency.
According to the statement, Minas Moatize, which was acquired in 2010 from Borneo Mining/AMCI and has a 10–year prospecting licence in a block covering 266 hectares, has an expected mine life of 15 years.
Beacon Hill recently made a request to the Australian Stock exchange to delist its shares as of 31 December 2013, as it is listed on the London Stock Exchange.
Source: Macauhub News Agency. For more information, click here.