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Beacon Hill Resources is an AIM listed resources company that is focussed on building a portfolio of near term production projects in commodities relating to the steel production industry. Beacon Hill has two key assets that provide the group with exposure to the steel production industry – Minas Moatize which is currently the only...Read more
Beacon Hill Resources to start trading on ASX tomorrowApril 04 2012, 9:53am
Africa-focused coal miner Beacon Hill Resources (LON:BHR) said it has now been admitted to the official list of the Australian Securities Exchange and its shares will start trading there tomorrow, April 5.
Beacon Hill will trade on the ASX under the code ‘BHU’.
Chairman Justin Lewis said: "We believe this dual listing will provide Beacon Hill with access to a broader capital market base with a strong understanding of resources."
Beacon Hill owns and operates Minas Moatize, one of only two operating coal mines producing, selling and exporting coal in the Moatize coal basin of Mozambique.
Minas Moatize started coking coal production last week.
In February, the company had unveiled a definitive feasibility study on Minas Moatize, which it said demonstrated the “compelling economics” of the project.
Independent consultants TWP Australia based its financial modelling on a 4 million tonne-a-year run of mine operation producing 2.2 million tonnes of saleable coking and thermal coal. This generated a net present value of US$662 million and an internal rate of return of 79.5 per cent.
In addition, the group has entered into a joint venture to develop a further coal tenement in Mozambique and holds licences over a significant magnesite deposit in Australia.