https://www.miningweekly.com

Modun sells Mongolian coal asset

22nd July 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Coal developer Modun Resources has sold its Nuurst thermal coal project, in Mongolia, for some $2.21-million.

In November last year, Modun announced a highly conditional sales agreement under which it would dispose of the project to an unnamed Mongolia-based buyer for $8-million; however, after being unable to reach consensus on the terms of the agreement, the transaction was terminated.

Instead, Modun undertook negotiations with other companies and, earlier this month, reached an agreement to dispose of its subsidiary Modun Resources LLC, which holds the Nuurst project, to two Mongolian nationals.

The first $100 000 of the cash consideration would be paid on exchange of contracts and would act as a deposit.

The completion of the transaction was subject to shareholder approval at an upcoming shareholder meeting on July 30.

The Nuurst project covers some 3 451 ha under exploration licence and is situated 6 km from existing rail infrastructure. The project has a Joint Ore Reserves Committee-compliant resource of 489-million tonnes, of which 417-million tonnes is classified as indicated.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

SAIMC (Society for Automation, Instrumentation, Mechatronics and Control)
SAIMC (Society for Automation, Instrumentation, Mechatronics and Control)

Education: Consulting with member companies to obtain the optimal benefits from their B-BBEE spending, skills resources as well as B-BBEE points

VISIT SHOWROOM 
Hanna Instruments Image
Hanna Instruments (Pty) Ltd

We supply customers with practical affordable solutions for their testing needs. Our products include benchtop, portable, in-line process control...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

PGMs and green hydrogen make headlines
PGMs and green hydrogen make headlines
19th April 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:0.206 0.242s - 88pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: