Moabsvelden is located in the Witbank coal field, and subject to regulatory approval, the project is expected to have a mine life in excess of 14 years with the potential to produce export quality as well as domestic quality thermal coal from an open-cast, low strip mine.
Xceed's plans for the June quarter 2013 include:
- Secure a Mining Right for the Moabsvelden Project;
- Select and Appoint the chosen EPCM and Mining Contractors;
- Commence drafting of loan documentation;
- Advance discussions with Eskom for coal off-take and power supply agreements; and
- Advance negotiations to acquire the surface rights to the Moabsvelden Project site.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Wednesday 29th May 2013.
Xceed had over $4.1 million in cash at the end of March 2013.
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