Balamara readies for ASX withdraw
PERTH (miningweekly.com) – Coal developer Balamara Resources has received all the necessary approvals to cease share trading on the ASX, with the company expecting to halt trading by May 1.
The Poland-focused developer told shareholders this week that the company would trade as a public unlisted company. Once Balamara has moved closer to production, the company would look to re-list on an "appropriate" exchange. However, market conditions would be assessed closer to that time.
A recent prefeasibility study into Balamara’s Mariola project revealed that the project could produce about 2.7-million tonnes a year over a mine life of 15 years. The project would require a capital investment of $79-million, and would deliver an after tax net present value of $312.7-million.
Over the planned mine life, the project was expected to deliver a cumulative free-cash flow of A$1.13-billion.
Besides the Mariola project, Balamara also owns the Nowa Ruda and Sawin coal projects, also in Poland.
The company on Wednesday announced the appointment of technical consultants Salva Resources to fast-track the evaluation and development of the three Polish projects, including a revised Joint Ore Reserves Committee-compliant resource for the Nowa Ruda project, and a prefeasibility study for Nowa Ruda and Sawin.
The feasibility studies on both projects were targeted for completion by the end of the second quarter
Meanwhile, internal work has also started on the definitive feasibility study for the Mariola project, and the study has been targeted for completion by early 2016.
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