[miningmx.com] — UNIVERSAL Coal said on Monday it was reviewing the appointment of advisors, following informal approaches from third parties for its coking coal projects in South Africa.
“The company expects increasing interest in these assets, and as a result, and following a number of informal approaches and discussions from groups within the steel sector, Universal may appoint specialist advisors to assist in securing a strategic investor for the coking and thermal coal assets,” read a company statement.
“Universal has not received a formal statement or offer from any party regarding these assets. The Company continues to be in discussions with various equity investors and industrial groups in the steel and power generation sectors regarding its operations in South Africa as part of its ongoing investor relations and communications programs.”
In December, the company said its two early-stage coking coal exploration projects in Limpopo were likely to be the catalyst for substantial and increasing investor interest during 2012.
It said that the Berenice-Cygnus project, in particular, with a gross in situ resource of 1.3 billion tonnes declared from the first phase of drilling, was already attracting interest.
A second phase of drilling is scheduled to begin early this year, and a scoping study commenced in late 2011 at the project.
