Morien Resources in talks with Glencore/Xstrata to acquire Donkin Coal Project

摘要

Canada's Morien Resources is negotiating with Glen-core-Xstrata to acquire 100% interest in the Donkin Coal Project in Cape Breton, Nova Scotia. Morien currently owns a 25% interest with Glencore-Xstrata controlling the remaining 75% stake. Morien said it submitted an offer to the company November 4 and has entered into active negotiations. Morien, formerly known as Erdene Resource Development, has signed a letter of intent for a coal off-take agreement that would provide for the sale of production from the Donkin project. In addition, the company has signed a memorandum of understanding with a potential operating partner to establish a joint venture to develop and operate Donkin. Both the off-take agreement and the memorandum of understanding are dependent on the sale with Glencore-Xstrata being successful.