Published 17 February 2012
Altona Energy has conditionally agreed to acquire a 95% indirect beneficial interest in two advanced coal exploration licences in the Xinjiang Uygur Autonomous Region of China.
The two licences are located in the southern part of the Xinjiang Autonomous Region in north western China and cover a combined area of 36 sq.km.
Total coal resource of the licences is estimated to be about 1.17 billion tonnes under Chinese standards and the coal is a marketable medium to high energy thermal coal.
Altona said that the consideration payable, excluding the option consideration, is about ?13m with payments conditional on the achievement of, and staged to reflect development and performance milestones.
The company has also signed a conditional placing agreement with institutional investors to raise ?1m to provide additional working capital.
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