Continental signs off on partner for Botswana projects
PERTH (miningweekly.com) – Southern Africa-focused Continental Coal has signed a deal with a third party to divest of up to an 80% stake in two of its exploration licences in Botswana.
Subject to the completion of due diligence on the licence area, the unnamed partner would obtain the option to earn an 80% shareholding over two prospecting licences in Botswana, by assuming exploration activities and costs up to November next year.
Continental would retain a 20% free-carry interest in the two licences, up to the completion of a bankable feasibility study.
The third party would also have the right to acquire Continental’s remaining interest in the tenements at an agreed-upon price, or its fair market value.
“This transaction will allow us to retain an interest in the prospecting licences while focusing our resources on the development of our De Wittekrans project,’ said Continental CEO Don Turvey.
He noted that the company remained optimistic about the potential of the Botswana projects, and believed that bringing a funding partner onboard was the best approach to enhance the value of the projects.
Continental was granted a mining right for the De Wittekrans project, in South Africa, earlier this month. The project would be Continental’s fourth producing mine and had the potential to double the yearly run-of-mine production, as well as export and domestic thermal coal sales.
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