African Energy adds to Botswana portfolio
PERTH (miningweekly.com) – ASX-listed African Energy has moved to acquire a 2.4-billion-tonne coal project in Botswana for $2.5-million in cash.
The Africa-focused coal developer has signed a binding sales agreement with Asenjo Energy to buy the Mmamabula West coal project, which hosts an indicated resource of 892-million tonnes and an inferred resource of 1.5-billion tonnes.
Under the terms of the agreement, African Energy would pay the first $1-million to Asenjo once it has received written confirmation from the Minister of Minerals, Energy and Water Resources that he approved the transfer of the prospecting licence.
The agreement would terminate if this condition was not met by the end of the year.
African Energy would take responsibility for completing the required work programme on the exploration permit to allow the company to submit an application for a retention licence over the area by the end of March next year.
The retention licence would be valid for three years, and could be renewed for another three years.
Upon the successful grant of a retention licence, African Energy would make the final $1.5-million cash payment to Asenjo.
On completion of the transaction, African Energy would have increased its total in-situ resource to about 6.2-billion tonnes of thermal coal in Botswana.
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