25 May 2012

Mozambique cheer for Beacon Hill

07/03/2011 Robert Tyerman

Beacon Hill Resources (BHR) has upped overall estimated coal resources at Mina Moatize in Mozambique by 59 per cent to 79.77 million tonnes. Based in Melbourne and quoted on AIM, the company says measured and indicated resources, omitting the less confident 'inferred' category, have risen 123 per cent to 56.73 million tonnes.

In addition, Beacon Hill, steered by executive chairman Justin Lewis, indicates an increase to 23.08 per cent in the yield of premium-priced coking coal in the resource. He suggests that should add 200,000 tonnes a year to estimated production of coking coal from the mine, in Mozambique's Tete Province, taking the annual total to 900,000 tonnes, which, with coking coal now selling for more than $250 a tonne, 'translates into significant potential revenue for the group.'

Having floated at 8p in 2006, Beacon Hill, which also owns Tasmania Magnesite Down Under, raised £23 million in November at 12.5p to take its projects further, following a share price collapse to 0.27p and subsequent strong surge. Now 18p, up 1.25p this morning, the shares value the company at £114 million and have speculative potential.

Tags: AIM market, Coal producer, Justin Lewis, Mozambique, Tasmania

Sector: Mining

Companies: Beacon Hill Resources

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