Aviva progresses Mmamantswe sale
JOHANNESBURG (miningweekly.com) – ASX- and Botswana Stock Exchange-listed Aviva said on Thursday that it only had to satisfy one more condition before it could wrap up the A$3.5-million sale of its Mmamantswe coal project to African Energy.
This is after Aviva received Ministerial approval to obtain the outstanding 10% of the prospecting licence under which the Botswana project is operated from Mawana Minerals.
The only outstanding condition now is shareholder approval, which Aviva will seek at a meeting on July 9.
“Aviva believes consolidation of coal resources in Botswana is important for the development of the coal sector. The transaction is a good outcome for Aviva shareholders, but also enhances the sector development outlook for African Energy and Botswana,” CEO Lindsay Reed commented.
Aviva wrote down its investment in Mmamantswe after the South African power procurement programme was cancelled in 2010. The company and GDF Suez had planned a 1 000 MW integrated power project.
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