Coal Foray--Australia's Gleneagle buys into Waterberg energy project

摘要

Perth-based Gleneagle Gold has been granted shareholder approval for a series of transactions relating to the acquisition, financing and execution of a landmark coal-mining and independent power producer strategy in the Waterberg coalfield, in South Africa. The first stage of the strategy includes the acquisition of up to 70% interest in a coal portfolio with a Joint Ore Reserves Committee-compliant indicated resource of 1,31-billion tons of coal, through an agreement with black-empowerment company Namane Resources.