Hi all I decided to fill in time by reseach Caledon Coal so will post a few articles.
1.http://www.proactiveinvestors.co.uk/companies/news/23938/caledon-resources-upgrades-minyango-coal-resource-to-12-bln-tonnes-23938.html Caledon Resources upgrades Minyango coal resource to 1.2 bln tonnes 13th Dec 2010, 9:45 am Minyango is around 15 kilometres away from Caledon’s operational Cook mine in QueenslandMinyango is around 15 kilometres away from Caledon’s operational Cook mine in Queensland
Caledon Resources (LON:CDN) has announced a huge 256 percent increase to the Minyango coking and thermal coal resource estimate.
It has added 874 million tonnes to the resource, which now stands at 1.2 billion tonnes.
A feasibility study is currently underway at Minyango.
The company is being taken over by a state-owned Chinese mining company - Guangdong Rising Assets Management (GRAM).
Minyango is around 15 kilometres away from Caledon’s operational Cook mine in Queensland, Australia.
The resource upgrade is the result of exploration work carried out between June 2009 and September 2010.
The Cook mine is Caledon’s flagship asset. In 2009 it 604,000 tonnes of coal from Cook and the latest figures show the group’s raw coal production from operation rose 35% to 174 million tonnes of raw coal in the three months to the end of June.
It has targeted saleable output of 700,000 tonnes this year.
Caledon agreed the ‘chunky’ Chinese takeover bid, which valued it at £251.6 million, a 34 percent premium back in early November.
GRAM has investments in a range of listed and unlisted entities across a wide range of sectors, including non-ferrous metals, technology, hotels and construction. It has recently been active in the mining sector having acquired a 19.9% interest in PanAust Limited, an ASX listed copper and gold mine operator for A$215 million in 2009.
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