Centaur Holdings has bought two coal prospecting rights, covering the De Roodepoort 435 farms in the Ermele district of Mpumalanga in South Africa, through one of its South African subsidiaries owned by Centaur Mining.
Centaur acquired the prospecting rights for an undisclosed sum plus a market-related quarterly royalty payment on each tonne of ROM coal that is mined. Mine planning works will now commence and further drilling is planned in 1Q15.
"The recently completed acquisition of the prospecting rights is part of Centaur's strategic plan for its mining division, with a specific focus on high quality export thermal coal,” said Centaur Group CEO, Daniel McGowan. “The acquisition further demonstrates Centaur's selective expansion plans in the natural resources sector in South Africa."
De Roodepoort is estimated to have in situ reserves of over 54 million tonnes and a life of mine of over 25 years.
Written by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/exploration-and-development/02022015/centaur-acquire-south-african-prospecting-rights-coal1830/