Beacon Hill Resources Plc – Completion of Acquisition of Minas Moatize Coal Mine in Mozambique
Wednesday, December 8th, 2010
Beacon Hill Resources Plc, the AIM listed resource company, announces that BHR Mining Limited (‘BHR Mining’), the Company’s subsidiary, has made the final payment in respect of the acquisition of the Minas Moatize coal mine in Mozambique. As set out in the announcement of 30 November 2010, the Company now owns 100% of BHR Mining which has full control of the producing Minas Moatize mine and remains fully funded ahead of the development of establishing a 4Mtpa run of mine open cast coal mine by Q1 2012.
Beacon Hill Chairman Justin Lewis said, “BHR Mining now has full ownership and control of the Minas Moatize mine, which we believe to be a highly valuable asset in a unique geological location. Importantly, the entire prospectivity and potential of the Tete province has been underpinned by the recent bid activity surrounding Riversdale, which owns licences contiguous to our Minas Moatize project.
“We have a rapid development plan in place for the Minas Moatize mine, aimed at ramping up the current production of approximately 8,000 tonnes per month to in excess of 2Mtpa of saleable coal, generating significant revenues for the Company. The project remains fully funded and we are on schedule to achieve our objective of producing coal from the planned large open pit mine by Q1 2012.”