Rio sells licenses to Mozambi

Mozambi Coal acquires two exploration licences from Rio Tinto Exploration.

Mozambi Coal's subsidiary has acquired two coal exploration licences from Rio Tinto Exploration Pty Ltd in Queensland.

In a statement to the Australian Securities Exchange, Mozambi said it paid Rio Tinto Exploration an initial $375,000 plus GST in cash, with additional milestone payments of up to a further $3 million due on delineation of a measured resource over 50 million tonnes and on commencement of export shipments. 

One of the licences is in the Bowen Basin with untested potential for metallurgical coal and is next to existing infrastructure, while the other is next to the Styx Basin and considered to be greenfields.

Mozambi said its subsidiary MNBB Pty Ltd has also entered negotiations to buy up to another three licences in the state from other vendors.

InvestSMART FORUM: Come and meet the team

We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles