Australia’s Mozambi Coal acquires 80 pct of a mining license in Mozambique

14 July 2011

Sydney, Australia, 14 July – Australian company Mozambi Coal has signed an agreement to acquire 80 percent of a license for mining in Tete province in Mozambique, from Xiluva Mineral Resources Limitada, the Australian press reported.

The 2738L exploration license covers an area of 224 square kilometres in a region some 115 kilometres to the west of the city of Tete and an area of 25.8 square kilometres has been identified as having potential coal sediment, possibly between 1.86 billion and 2.32 billion tons of coal.

The company already owns 70 percent of two exploration licenses in the province covering 385 square kilometres, called Tete Ocidental and Muturara, which is estimated to contain between 3.1 billion and 3.87 billion tons.

Meanwhile, the main shareholder of Mozambi Coal, investment company Polo Resources, Australian cents in a private placement in order to apply the 1.875 billion Australian dollars made in the operation in the programme for initial exploration of the license that has now been partially acquired. (macauhub)