Hodges Resources Ltd has announced that the title transfer of the Morupule South project into the majority-owned Joint venture company, Morupule South Resources, has been completed. Hodges owns 75% of Morupule South Resources, while the remaining 25% is held by a private Botswana company.
The company said that successful formation of the stand-alone entity would better position the project to attract investment. As a result, the news of the transfer has been welcomed by directors, and the company said it looked forward to moving the project forward with support of industry.
The Morupule South coal project is located to the south of the operational Morupule coal mine in central east Botswana. It consists of one prospecting license (PL121/2010), which covers a total area of 124 km2 within the highly prospective eastern central district of Botswana.
Hodges is looking to secure investor interest into the project, as well as to continue discussions around coal supply agreements. Both strategies are seen as important steps to expedite the development of the Morupule South project. Progress here will assist plans to align the project with a major power development group to fulfil the void in the regional power markets in southern Africa.
Adapted from press release by Sam Dodson
Read the article online at: https://www.worldcoal.com/coal/06052014/botswana_coal_mine_transfer_complete_800/