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Riversdale Signs Agreements with Chinese |
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Tuesday, 20 July 2010 15:23 |
Riversdale Mining Ltd. has signed a non-binding Memorandum of Understanding with Wuhan Iron and Steel Corp. and a logistics partnership agreement with the China Communications Construction Co. for the development of the Zambeze Coal Project in Mozambique.
Wuhan will acquire 40% of the Zambeze Coal Project for $800 million to be paid in three tranches and subject to achievement of certain milestones. The Zambeze Project was 22 coal seams outcropping over a strike length of 14 km across the northern portion of the property. The reserve estimate for Zambeze was recently upgraded to 9 billion mt.
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