https://www.engineeringnews.co.za

Forbes Coal extends Ikwezi property acquisition closing date

30th April 2014

By: Leandi Kolver

Creamer Media Deputy Editor

  

Font size: - +

JOHANNESBURG (miningweekly.com) – TSX- and JSE-listed Forbes & Manhattan Coal on Wednesday announced that it had extended the closing date for the acquisition of a portion of junior coal miner Ikwezi Mining’s mining right for Alleen No 2, located adjacent to Forbes’ current Magdalena opencast operations, in KwaZulu-Natal, to June 30 as the parties were still awaiting written consent from Mineral Resources Minister Susan Shabangu.

Her consent to the acquisition was required in terms of Section 102 of the Mineral and Petroleum Resources Development Act.

In terms of the acquisition, which was initially expected to close on April 30, Forbes Coal subsidiary Zinoju Coal would acquire the Alleen No 2 property for R8-million, an amount based on the estimated run-of-mine (RoM) to be extracted from the mining right area.

Should the actual RoM exceed the agreed-upon production threshold, Ikwezi would be entitled to receive a top-up payment equivalent to R10/t extracted, which exceeded the production threshold.

Edited by Tracy Hancock
Creamer Media Contributing Editor

Comments

Latest News

Magazine video image
Magazine round up | 29 March 2024
Updated 7 hours ago

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Multotec
Multotec

Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.234 0.292s - 156pq - 2rq
Subscribe Now