Mining company Beacon Hill Resources has announced an increase of 31 percent in the reserves of its Minas de Moatize coking coal mine in Mozambique’s Tete province, according to a statement issued Monday via the London and Sydney stock exchanges.
According to the statement, the reserves are now estimated at 86.8 million tons, as compared to a previous estimate of 66.4 million tons and that the level of confidence in the measured and inferred reserves also improved, rising to 15.4 percent.
The new level of reserves, which was estimated by Golder Associates (NZ) Limited, of 76.3 million tons followed test drilling carried out in the second half of 2012 to assess the deposits in thus far unstudied regions.
This new assessment of coking coal reserves is expected to add at least two years to the lifetime of the mine.
In December 2012 Beacon Hill Resources announced it expected to be granted room on the Sena railroad to carry coal to the port of Beira and that, meanwhile, it had reached a provisional agreement to lease rolling stock. (macauhub)