(MENAFN- ProactiveInvestors - Australia) Xceed Resources (ASX: XCD) is preparing to provide an update regarding the financing of the development of the Moabsvelden project, with the ASX granting the company a trading halt today - with its shares placed in pre-open.
The Moabsvelden thermal coal project is situated in the Witbank coal field in South Africa, and 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.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Tuesday 12th March 2013.
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