3D clinches NZ coal takeover

WESTERN Australian explorer 3D Resources has completed acquiring New Zealand’s Croydon Coal under a cash and shares-based deal.
3D clinches NZ coal takeover 3D clinches NZ coal takeover 3D clinches NZ coal takeover 3D clinches NZ coal takeover 3D clinches NZ coal takeover

 

Blair Price

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.

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