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Acacia encouraged by Riversdale Anthracite Colliery results

Published by , Editorial Assistant
World Coal,

Acacia Coal has said that it is encouraged by the results of the work at the Riversdale Anthracite Colliery (RAC) project which commenced as part of the company’s strategy to confirm the nature of the technical, financial and operational merits of RAC.

Further to Acacia’s announcements on 16 October 2016 and the PFS Announcements, the Company has confirmed that completion of the transaction to acquire Coalvent Limited, which holds the right to acquire a 74% interest in TAC via its agreement with Riversdale Holdings Proprietary Limited, remains subject to conditions as set out in the RAC Announcement, including receipt of s11 Ministerial Consent and approval of the Company’s shareholders.

Acacia’s strategy isto continue to de-risk the proposed acquisition via continuing to develop RAC as its flagship asset, including via the pursuit of an aggressive confirmatory technical campaign, holding confirmatory meetings with its potential blue-chip customer base and off-takers and pursuing initial commercial marketing studies of RAC’s premium product. Management has committed significant resources to pursuing these objectives and the company will continue to announce the results of this process as and when each yield material results.

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