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The company will work with Jonah Capital and Scharrig Mining, who together will hold a 50% interest in the Botswana tenements.
The companies will collectively pay Aquila an initial $US5 million and commit to spend a further $10 million on an extensive works program on the Botswana tenements.
There has been a revived interest in Botswana’s coalfields, prompted by a shortage of power generation capacity in South Africa and the increased demand for power throughout the region.
Aquila holds five coal prospecting licences in Botswana, covering known coal resources in three of the country’s coalfields at Dukwe, Tshimoyapula Lechana and Western Mmamabula.
All of these exploration areas are situated near rail, road and power infrastructure and cover a total area of 4719sq.km.
Aquila executive chairman Tony Poli said the combination of in-region commercial and technical expertise offered by the joint venture partners would contribute to rapid commercialisation of the projects.
