Beacon Hill Resources has sufficient coal reserves at Minas Moatize coking coal mine in Mozambique to last for at least 15 years, a company statement confirmed today.
The updated reserve statement concluded that the economically viable mineable reserve at Minas Moatize despite the current depressed coking and thermal coal prices, establishes the project as economically robust during downturns in the resources cycle.
The total run of mine proven and probable reserves at the Mozambique site are 39.38 mt, while the total proven and probable saleable reserves stand at 16.16 mt, of which at least 8.3 mt is coking coal. These figures confirm that Minas Moatize has a mine life of up to 15 years.
Robust coal reserve
"This Reserve statement not only demonstrates that Minas Moatize remains robust during this period of depressed coal prices, but also acts as an important step in optimising the Company's reserve inventory to provide significant upside as coal prices recover. In January 2013 the Minas Moatize Resource statement was increased by over 30% to 86.8 Mt and by following the same methodology, through additional exploration work and value engineering, we expect to make further improvements to our Reserve base. We are also active in reviewing opportunities in adjacent properties for expansion of our life of mine, scale and efficiency, with the aim of generating significant additional value upside,” Beacon Hill CEO, Rowan Karstel commented.
"This Reserve statement has been developed concurrently with our development objectives at Minas Moatize, as we continue to ramp up coking coal production following the completion of the first phase of our wash plant upgrade.”
Adapted from press release by Katie Woodward
Read the article online at: https://www.worldcoal.com/coal/27092013/mozambique_mine_reserves_to_last_15_years_81/