Beacon Hill posts loss but chases trains

MOZAMBIQUAN coal miner Beacon Hill Resources has posted a £5.6 million ($US8.85 million) loss for the year to June 30.
Beacon Hill posts loss but chases trains Beacon Hill posts loss but chases trains Beacon Hill posts loss but chases trains Beacon Hill posts loss but chases trains Beacon Hill posts loss but chases trains

The Minas Moatize mine in Mozambique.

Staff Reporter

This is on the back of £253,503, down slightly on the £292,039 for the previous corresponding period.

The company has, however, been active in getting its Minas Moatize mine up and running.

The company completed a definitive feasibility study, which demonstrated a pre-tax net present value of $US662 million.

It also delivered a maiden JORC-compliant mineable reserve of 42.65 million tonnes.

The phase II expansion, which involves an upgrade of the plant to allow a threefold increase in plant feed capacity to 1.8 million tonnes per annum of run-of-mine coal, started this month.

That expansion will support the production of hard coking coal with a higher, more consistent yield.

Beacon Hill also entered into a marketing partnership with Vitol Group and continued to chase a place on the Sena Rail Line.

Executive chairman Justin Lewis said the company was confident of gaining that rail allocation.

“The first half of 2012 has been an active period for the group against a challenging backdrop,” he said.

“The group remains well-funded and the completion of the phase II expansion this year should see the Minas Moatize mine able to operate as a profitable and cash flow positive operation from 2013.”

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