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  • ZYL Limited Provides Update On Agreement For Kangwane Central Anthracite  0 comments
    May 2, 2013 9:39 PM

    ZYL Limited (ASX: ZYL) is currently negotiating a revised agreement with its partners in the Kangwane Central Anthracite Project in South Africa.

    In early February this year, the company entered into a memorandum of understanding with its partners in the project to restructure the original transaction that was executed in mid-December 2010 between Siyanda Resources, Double Ring Resources and Opes Capital.

    The finalisation of the MoU was subject to the fulfilment of a number of conditions precedent by the 30 April 2013.

    The conditions precedent have not been fulfilled and the MoU has consequently lapsed, with the original transaction remaining valid and binding.

    ZYL said it will update shareholders on the outcome of negotiations as they progress.

    Kangwane Central is the most advanced of the Kangwane Anthracite Projects in eastern Mpumalanga.

    A Bankable Feasibility Study was completed in the December quarter of 2012 and indicated a project with a robust financial model and a life of mine of 20 years.

    Kangwane Central has a JORC Resource of 200 million tonnes, all in the high confidence Measured category, which converts to a JORC Reserve of 19.3 million tonnes run of mine coal.

    Mining will initially be by opencast mining due to favourable stripping ratios, with underground mining scheduled for later in the life of mine.

    A dense medium separation coal processing plant will produce a product for the export market.

    The project is well located for trucking and rail of its low-sulphur product to the port of Maputo in Mozambique for export to key global markets.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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