[miningmx.com] – FORBES Coal is to buy a portion of Ikwezi Mining’s Alleen No.2, a property located adjacent to Forbes Coal’s Magdalena open-cast mine, the company said in a statement on January 21.
Zinoju Coal, a subsidiary of Forbes Coal, will buy the property for R8m, based on the estimated run of mine that can be extracted from the mining right area.
If the run of mine actually extracted exceeds the agreed upon production threshold, Ikwezi is entitled to receive a top-up payment equivalent to R10 per tonne extracted which exceeds the production threshold, the company said.
