RIV riversdale mining limited

rivs buys out aquilas leases for 60m

  1. 5,609 Posts.
    aquila ia very happy to become a major share holder of riversdale. The big just got a whole lot bigger.

    Acquisition of Mozambique tenements from Aquila Resources
    • For 10 million shares in Riversdale and A$26.0 million in cash
    Riversdale Mining Limited (ASX: RIV and “Riversdale”) is set to become a leading coal mining enterprise in a major emerging coal region following an agreement to acquire additional exploration tenements in Mozambique.
    The extensive portfolio of tenements has been purchased from Aquila Resources Limited (ASX: AQA and “Aquila”) and is located in the Tete province, contiguous with tenements already held in Mozambique by Riversdale, and those held by one of the world’s largest mining groups, Companhia Vale do Rio Doce (“CVRD”).
    The acquisition positions Riversdale as the largest tenement holder in Tete-Moatize, with an extensive area capable of supporting long life operations in this emerging and highly prospective region.
    The combined tenement size now held by Riversdale is in excess of 290,000 hectares.
    Consideration for the acquisition which was completed today is comprised of 10 million shares in Riversdale and A$26.0 million in cash.
    The new tenements complement Riversdale’s existing holdings in the Tete area, and their proximity will facilitate effective infrastructure development as the project advances to development status.
    Chairman and CEO Mr Michael O’Keeffe said: “This acquisition further strengthens our strategic foothold in an emerging coal region of increasing global significance. In Mozambique Riversdale now has a significant tenement position with exploration potential in a highly prospective area that we believe is set to become the “next Bowen Basin”.
    “In Mozambique, we have neighbours the calibre of CVRD and a government that has shown itself to be very supportive of foreign investment and new development. This is a great opportunity for our company to invest in the region before it becomes a major thermal coal resource for southern Africa, and coking coal supplier to India and other global export markets,” Mr O’Keeffe said.
    For personal
 
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Currently unlisted public company.

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