Modun finds new buyer for Nuurst project
PERTH (miningweekly.com) – Coal developer Modun Resources has found a new buyer for its Mongolian coal assets, after a previous sales agreement fell through.
In July, the ASX-listed junior announced that it had sold its Nuurst thermal coal project to two Mongolian nationals in a deal valued at $2.21-million. The first $100 000 of the cash consideration was to be paid on the exchange of contracts and would have served as a deposit.
However, Modun said on Tuesday that the company had not received this deposit and, as a result, had terminated the agreement.
Instead, Modun had now agreed to sell its Nuurst coal project to fellow-listed Tian Poh Resources in a new share sale agreement on substantially the same terms as the previous sales agreement.
Tian Poh would acquire the Nuurst project for $2.21-million, with $100 000 paid to buy the project and the remaining $2.1-million paid to acquire debt financing provided to the project.
The first payment of $100 000 had already been made and the balance of the transaction would be concluded within 14 days.
Tian Poh on Tuesday said the company was in discussions with a number of prospective investors to participate in a private placement to assist with the funding.
The agreement was not subject to any conditions.
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.
Tian Poh said the company would immediately start planning development of the Nuurst project.
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