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The finalisation of the takeover, based on $A10,000 cash and 40 million of 3D’s shares (about 14.2% of 3D), came after the NZ government extended Croydon’s Tangarakau coalfield project permit by two years.
The relevant block, EP40752, surrounds the mining permit for the historic state-owned Tatu underground mine in the North Island’s Tangarakau coalfield, which produced more than 1 million tonnes of thermal coal from 1940-1971.
It was Croydon’s sole asset and was previously owned by NZ coal producer Solid Energy.
3D also appointed NZ coal-experienced lawyer Mark Gray to its board as a non-executive director.
The explorer is perhaps best known for its Halls Creek copper project joint venture with Cazaly Resources in Western Australia’s Kimberley region.
