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Universal takes bigger stake of Berenice pie

22nd April 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – South Africa-focused coal miner Universal Coal has increased its ownership of the Cygnus portion of the Berenice coking coal project to 50%.

The Berenice project has a total Joint Ore Reserves Committee-compliant resource of 1.35-billion tons, of which some 1.2-billion tons was in the measured and indicated category. Of the total resource, some 675-million tons was now attributable to Universal.

The company said on Monday that it consummated its earn-in agreement for the Cygnus property after completing a second phase of drilling, and providing an updated resource estimate.

The coal miner had the option to increase its stake in Berenice to some 74% by achieving other set milestones.

“We are delighted to have completed the final step of this farm-in agreement to achieve 50% shareholding over the entire Berenice coking coal project,” said CEO Tony Weber.

“The resource upgrade allows the next phase of development for the project to proceed, with a prefeasibility study to start by year-end.”

Edited by Creamer Media Reporter

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