Swiss group Vitol to sell coal mined in Moatize, Mozambique

20 March 2012

Vitol Coal plans to sell 2 million tons of coal per year mined by Beacon Hill Resources Plc in Moatize, Mozambique under the terms of a strategic partnership announced Monday in Geneva by Swiss group Vitol.

Under the terms of the partnership, Beacon Hill Resources will use Vitol’s worldwide coal sales network, which every year provides its customers with over 25 million tons of coking and thermal coal.

The Vitol group, in its turn, will provide a debt facility of up to US$20 million in two tranches of US$10 million that Beacon Hill can use for capital and other expenditure.

It was also agreed that Beacon Hill could continue selling coal through Indian company Global Coke, which will continue to receive up to 600,000 tons per year of the coking coal mined at Moatize. (macauhub)