Continental Coal halts trading of Australian shares
London, 6 August (Argus) — Africa-focused mining firm Continental Coal has suspended trading of its shares in Australia ahead of a maiden resource announcement for its coal project in Botswana.
Continental shares can still be traded on the London Stock Exchange.
The company is developing three prospects in Botswana. It has two non-contiguous areas located northeast of Serowe and north of the Morupule coal mine in central Botswana and the Kweneng licence.
The first phase of a drilling programme on the three licenses was completed in the first quarter, with preliminary results indicating major coal-bearing carbonaceous zones. Continental is awaiting confirmation on the renewal of its licences before it starts the second phase of its drilling programme in the third quarter.
Continental's has two operating mines in South Africa, Vlakvarkfontein and Ferreira, producing 2mn t/yr of thermal coal. Development started last year at a third mine, Penumbra, and a bankable feasibility study has been completed on a fourth mine, the De Wittekrans coal project.
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