Close

ASX-listed company Xceed Resources has been granted a mining right by the South African Department of Mineral Resources for its 74% held Moabsvelden thermal coal project.

Through its wholly owned subsidiary Focus Coal Investments, the Moabsvelden project will mine about 66 Mt of resources over its life of mine period.

Xceed says it will now arrange for the posting of the required environmental bond and the notarial registration of the right in order for the right to become effective.

The company is looking to production beginning the beginning Q2 of 2014 and once developed, Moabsvelden will be one of the largest new mines in the Witbank coal basin in Mpumalanga province. Entirely open cast, and characterized by a very low stripping ratio, Moabsvelden has a mine life in excess of 14 years.

Additional Reading?

Request Free Copy