Beacon Hill Resources Plc (AIM: BHR), the AIM listed coking coal producer, has entered into joint venture to explore and develop Coal Tenement 2001L in the Tete Province of Mozambique. The Licence covers an area of 184km² and is located in the heart of the highly prospective coking coal basin of the Songo Area of the Tete Province, Mozambique which is in close proximity to significant existing coal projects.
Full deatils of the press release at http://www.bhrplc.com/News.aspx?ArticleId=13054462
The cost of entering into the JV was 60M shares in Beacon Hill issued to Midwest Africa Limited for the right to acquire 99% of the Licence.
Sugnificantly, the Licence covers an area of 184km² in the heart of the Songo Area of the Tete Province - an area with proven coal reserves located close to Jindal Steel & Power's Chingodzi Coal Project, which they estimate resource of approximately 720 million tonnes of coking and thermal coal.
How close to MOZ Songo licence would be interesting research!
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