24th May 2023 22:00
Contango Holdings PLC - natural resource development company with operations in Africa - Notes start of washed coal production at Lubu coking coal project in Zimbabwe. Says Wirtgen surface miner can mine at a rate of up to 1,000 tonnes of coking coal per hour. "The company will continue to undertake studies on washed coal production to ensure optimisation. Samples will also be sent to several parties who have indicated they would look to enter into long-term offtake contracts. This includes the company's potential strategic partner under a memorandum of understanding and complements Contango's existing offtake for 10,000 tonnes a month of washed coal," Contango says. Adds that it will sell all produced coking coal at factory gate with a current MMCZ price at USD120 per tonne. Expects to announce first sales of washed coking coal next month. MMCZ is a minimum price prescribed by the Minerals Marketing Corporation of Zimbabwe.
Current stock price: 5.30 pence each, up 3.9% on Wednesday
12-month change: down 2.8%
By Tom Budszus, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Related Shares:
Contango Hdg