African Mining and Exploration Company Plc, will acquire the majority stake in three Mozambican coal prospecting licences, as it prioritises exploration targets of its other leases.
CAMEC has agreed with Belde Empreendimentos Mineiros Limitada (‘Belde’) to acquire a 75% interest in three coal prospecting licences totalling 67,620 hectares, located in the Zambezi Coal Basin in the Tete Province of Mozambique in exchange for 79,000 ordinary CAMEC shares and the completion of an $80,000 bankable feasibility study.
“We are the largest holder of coal exploration licences in the highly prospective Moatize sub-basin and the Mucanha-Vusi sub-basins in Mozambique,” CAMEC Chief Executive Andrew Groves said.
Twenty licence areas are to be evaluated to identify the license with the best potential for production. This licence area will then be prioritised for resource drilling and development, the company said.
“Early results are yielding extensive strike lengths and are underpinning our belief that the area is highly prospective for economic coal. It is our intention systematically evaluate all our licences with a view to prioritising the most prospective for resource drilling and development,†Groves said./miningmx.com
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