This article (from the macauhub)just arrived via google alerts, not sure it would account for todays strong rise in the sp
Riversdale Mining to meet schedule for coal projects in Mozambique [ 2010-11-08 ]
Sydney, Australia, 8 Nov The board of Australian mining company, Riversdale Mining has given assurances that the schedule for coal exploration projects in Benga and Zambeze, in the Mozambican province of Tete, will be met.
In the case of Benga the first extraction of coal within a few months, and exports via the port of Beira are due to begin at the end of next year.
The previous schedule pointed to activities at Benga beginning at the end of 2011, but in order to meet requests for coal from the international market the project's owners were required to change the schedule.
In its report for 2010 Riversdale said that its two projects in Mozambique throughout this year had made decisive steps towards completion and promised new developments soon.
According to the companys board, the steps taken throughout the year to move ahead with the Benga project, include approval of its environmental impact study and drawing up the project, as well as signing contracts for construction of the mine.
Riversdale Mining and its partner Tata Steel, of India, this year announced and 84 percent increase in coal reserves for the Benga mine, raising confirmed amounts to 502 million tons.
With this rise in reserves the consortiums plans were confirmed, according to which in the last phase of the project the mine will produce over 20 million tons of coal per year, both for export and to fire the power plant also planned for Tete. (macauhub)
hcr
RIV Price at posting:
$12.61 Sentiment: Hold Disclosure: Held
