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Tuesday, February 7, 2012

Zyl finds buyer interest in Mbila coking coal output

Tuesday, 07 Feb 2012

Australian mining company Zyl, which last year attracted takeover interest said six companies have approached it about securing more than 600,000 tonnes a year of coking coal from its planned Mbila mine in South Africa.

Zyl said that the expressions of interest, including one from an unnamed international mining company, cover the full production expected by the company in the first phase of the mine’s development.

The Perth-based company said it was seeking to formalise the interest and would update the market in due course.

Zyl has previously said it expects to begin production at the mine, located in KwaZulu-Natal province, in the second quarter of 2013, and to reach full production of 840,000 tonnes a year by the second quarter of 2014. It has estimated Mbila has resources of almost 125 million tonnes, not including land where the company holds a prospecting right.

Zyl in December 2011 appointed Macquarie Capital as an adviser after it was approached by two unnamed parties interested in either a partnership or takeover.


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