https://newsletter.mw.creamermedia.com
Coal|Exploration|Gold|Mining|PROJECT|Underground
Coal|Exploration|Gold|Mining|PROJECT|Underground
coal|exploration|gold|mining|project|underground

New Age sells UK coal project, focus tilts to Australia, NZ

11th July 2024

By: Creamer Media Reporter

     

Font size: - +

ASX-listed New Age Exploration (NAE) on Thursday announced the sale of its Lochinvar coal project, in the UK.

Selling the Lochinvar project will enable NAE to focus its exploration efforts at its core gold and lithium assets in central Pilbara and New Zealand.

In terms of the share sale agreement, Paladar Trading will acquire the asset for A$1 in cash, as well as A$1/t royalty on the first 15-million tonnes of any minerals, ores or concentrates extracted from the licences comprising the Lochinvar project.

“"We are pleased to announce the sale of Lochinvar Coal Limited, a strategic move that positions NAE to potentially earn up to A$15-million in royalties from future coal production at the project, subject to the successful development of the project by Paladar,” comments NAE executive director Joshua Wellisch.

The Lochinvar project consists of three adjacent exploration and conditional underground mining licences known as Lochinvar, Lochinvar North and Lochinvar south.

In October 2014, NAE completed a scoping study which confirmed the potential for a low cost long life 1.9-million-tonne-a-year long wall mining project to deliver 1.4-million tonnes a year of coking coal to UK and European markets.

The study was updated in March 2017 and delivered a robust set of economics.

Edited by Creamer Media Reporter

Comments

Showroom

WearCheck
WearCheck

Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...

VISIT SHOWROOM 
Universal Storage Systems (SA)
Universal Storage Systems (SA)

South African leader in Steel -Racking, -Shelving, and -Mezzanine flooring. Universal has innovated an approach which encompasses conceptualising,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (15/11/2024)
15th November 2024 By: Martin Creamer
Magazine round up | 15 November 2024
Magazine round up | 15 November 2024
15th November 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.099 0.175s - 126pq - 2rq
Subscribe Now