Saturday, 16 Jul 2011
Canadian based exploration stage company Lucky Strike Resources reported that it has signed definitive agreements with five private Mongolian companies to acquire an 80% stake in six mining exploration licenses and coal properties.
Under the agreement's terms, Lucky Strike will pay vendors USD 5.8 million in cash to acquire the 80% interest in the Choir-Nyalgia properties and commit USD 2.5 million.
It is estimated that Mongolia has potential coal resources of 162.3 billion tonnes and 20.3 billion of coal resources in the Choir-Nyalgia coal basin, which exported 18.2 million tonnes of coal last year.
(sourced from SXCoal)
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