Centaur Mining, a subsidiary of Centaur Holdings, has acquired two coal prospecting rights to develop the De Roodepoort coal project in the Mpumalanga Province of South Africa.
Covering around 3258 ha., the farms De Roodepoort 435 (excluding Portion 3), and Portion 3 of the farm De Roodepoort 435 are situated in Magisterial District, Ermelo.
Under the terms of the deal, the company will pay quarterly royalty on each ton of run-of-mine coal mined.
Centaur Group CEO, Daniel McGowan, said: "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.”
"The acquisition further demonstrates Centaur's selective expansion plans in the natural resources sector in South Africa," McGowan added.
De Roodepoort is said to have in situ reserves of more than 54 million t and a life of mine of over 25 years.
Edited from various sources by Sam Dodson
Read the article online at: https://www.worldcoal.com/exploration-and-development/05022015/centaur-mining-buys-coal-prospecting-rights-1848/