Zelos strikes deal with Gujarat

AUSTRALIAN-listed Zelos Resources will become a partly owned subsidiary of Indian coke producer Gujarat NRE Coke under a deal which will see Zelos acquire the Avondale coal project in New South Wales’ southern coal fields.
Zelos strikes deal with Gujarat Zelos strikes deal with Gujarat Zelos strikes deal with Gujarat Zelos strikes deal with Gujarat Zelos strikes deal with Gujarat

 

Angie Tomlinson

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.

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