Zelos today signed a heads of agreement to acquire the 200 million tonne Avondale resource from Gujarat.
As part of the deal, Gujarat will enter into an off-take agreement with Zelos to acquire 100% of Avondale production.
Zelos will also be renamed Gujarat NRE Resources. The deal is subject to shareholder approval in June/July.
Zelos was trading unchanged at 11.5 cents this morning.