(MENAFN- ProactiveInvestors)
Limited () has extended the terms sheet to acquire the established Ebenezer coal mine in southeast Queensland from Zedemar Holdings Pty Ltd in order to satisfy the cnditions.
Ebenezer has current Probable Ore Reserves of 13.7 million tonnes and JORC Resources of 308.2 million tonnes of high grade thermal coal.
It is currently under care and maintenance.
is paying A$10 million to acquire the mine and will grant Zedemar royalty payments of $1 per saleable tonne of coal.
The Royalty Fee payable for ML 4712 and MDL 172 collectively is capped at a maximum of 20 million tonnes.
Conditions of the acquisition are:
- The parties entering into formal asset sale and land sale agreements;
- obtaining finance to fund the Project;
- obtaining Foreign Investment Review Board (FIRB) approval for the purchase of the Project;
- Obtaining any third party consents or releases; and
- The transfer of all leases from Zedemar to .
had $1.7 million in cash and deposits at call as at 30th September 2014.
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