Hodges earns its stripes at Morupule South
PERTH (miningweekly.com) – Coal developer Hodges Resources has secured a 75% shareholding in the Morupule South coal project, in Botswana.
Under the terms of an earn-in agreement, Hodges paid $500 000 on the execution of the agreement and spent a further $3-million in exploration, over a two-year period.
The miner recently completed a 2 500 m drilling programme over a shallow coal area within the eastern block of the project, which completed the outstanding expenditure commitment for the joint venture.
Hodges MD Mark Major said that the company was “extremely happy” with reaching the milestone, as well as with the project’s progress to date.
“It is clear we have a sizeable asset with low-cost operational and capital development opportunities in a developing region,” Major said on Monday.
“The area is becoming more active, with the government of Botswana tendering the refurbishment of the Morupule A power station and announcing a request for prequalification from independent power producers for a 300 MW power development next to the nearly completed Morupule B power station, all of which will be less than 8 km from our proposed mine.”
Major noted that development in the rail haulage sector were also taking place, with freight operator Transnet revealing plans to open the rail link from neighbouring South Africa's Waterberg coalfield into Botswana by 2020.
Hodges was currently moving the project towards feasibility study levels.
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