25 May 2012

First coal sales for Beacon Hill

27/09/2010 Robert Tyerman

Interim losses at Beacon Hill Resources have leapt sevenfold to £1.3 million on £58,000 initial turnover from Mozambique's Minas Moatize coal mine.

The Melbourne-based AIM counter, whose partially-owned subsidiary BHP Mining bought the mine in a £22 million deal in May, is working with Indian concern Global Coke on a strategic partnership and off-take deal for Minas Moatize, which is targeting a production gain from 96,000 tonnes a year to two million tonnes a year when its scheduled larger open pit comes into production in 2012.

Chairman Justin Lewis says the proposed deal with Kolkota-based Global Coke will value the Minas Moatise project at more than $210 million (£136 million) and foreshadows a new resource estimate for the project by the end of this year. Beacon Hill, which also has a magnesite project in Tasmania with a potential estimated resource of 39 million tonnes, plans to start a drilling programme there early next year.

The company, which raised £1.57 million at a bombed-out 0.265p in March, ended the half year with nearly £500,000 cash and in July raised another £8.7 milion with loan notes convertible into shares at 8p. That was the 2006 AIM float price for the shares, which have risen strongly from a year's low of 0.27p to 16p, down 1.75p this morning, valuing the company at £41.4 million.

Tags: AIM, Commodities, Deals & contracts, Fundraisings

Sector: Mining

Companies: Beacon Hill Resources

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