Monday, 06 Feb 2012
It is reported that an Australian based company has shown interest in the mining of coal at Mpaka.
The company, known as Midwinter Resources said that it has entered into an agreement to acquire 100% of Teeman, a company incorporated in Swaziland and this is contingent on a number of conditions, including due diligence and shareholder approval.
Teeman’s main asset is a prospecting right application over 16 square kilometres in Swaziland, which includes the Mpaka Colliery, with potential for an underground resource.
According to Midwinter Resources website, this acquisition would allow Midwinter to diversify its activities while maintaining a focus on developing raw material inputs into the iron and steel industry.
The Mpaka Colliery, operated by Gencor until 1992, produced coal that was used as a reductant in the production of ferrochrome and ferromanganese in Mpumalanga, South Africa, as well as an export thermal coal product.
(sourced www.times.co.sz)
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