takeover

Xceed Resources (ASX: XCD) is an Australia-based company engaged in the exploration and development of coal projects in Southern Africa.

The company is developing the Moabsvelden thermal coal project in the Witbank coal field. Moabsvelden is expected to have a mine life in excess of 15 years and will produce export quality as well as domestic quality thermal coal.

Xceed Resources receives cash takeover offer
Friday, August 23, 2013 by Bevis Yeo


Xceed Resources (ASX: XCD) is preparing to release details of a cash takeover offer for the company and has been granted an ASX trading halt.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Tuesday 27 August 2013.

Xceed had in June revealed that it was discussions with a third party regarding a proposal which, if it were to proceed, could result in a corporate transaction involving the company.

This follows its receipt of a mining right in May for its 70% held Moabsvelden thermal coal project in South Africa, which will be one of the largest new mines located in the vital Witbank coal basin when developed.

Moabsvelden has a number of advantages including its location close to Johannesburg giving it access to industrial/inland market in South Africa as well as the fact that it is entirely open cast, and has a low stripping ratio, with a mine life in excess of 14 years