Australian company Beacon Hill Resources has updated the size of its proven and likely coal reserves at its Minas Moatize concession to 39.38 million tons, the company said in a statement.
The company, which is listed on the Australian Stock exchange and the Alternative Investment Market (AIM) of the London Stock exchange, also said that of those reserves 16.16 million tons were proven and saleable and at least 8.3 million tons were coking coal.
According to the statement, Minas Moatize, which was acquired in 2010 from Borneo Mining/AMCI and had a 10 –year prospecting license in a block covering 266 hectares, has an expected lifetime of 15 years.
Beacon Hill recently made a request to the Australian Stock exchange to delist its shares as of 31 December 2013 as it is listed on the London Stock Exchange. (macauhub)