Beacon Hill upgrades Minas Moatize coal mine resource

Beacon Hill has increased its Joint Ore Reserves Committee (JORC) compliant resource for the Minas Moatize coal mine in Mozambique by 31 per cent.

Beacon Hill has increased its Joint Ore Reserves Committee (JORC) compliant resource for the Minas Moatize coal mine in Mozambique by 31 per cent.

The company said the resource was upgraded to 86.8m tonnes from 66.4m following results from infill drilling last year.

"I am delighted with the resource update being reported today which has successfully and substantially increased the size and confidence level of the Minas Moatize coal mine," Rowan Karstel, Managing Director of Beacon Hill, said.

"We believe that the resource is capable of further material enlargement and look forward to the JORC compliant reserve statement which will be published and announced by the end of [the first quarter of 2013]."

Shares were up 3.73% to 3.20p at 10:22 Monday.

Recommended

Imperial Brands has an 8.3% yield – but what’s the catch?
Share tips

Imperial Brands has an 8.3% yield – but what’s the catch?

Tobacco company Imperial Brands boasts an impressive dividend yield, and the shares look cheap. But investors should beware, says Rupert Hargreaves. H…
20 May 2022
Investing in drugmakers: uncommon profits from curing rare diseases
Share tips

Investing in drugmakers: uncommon profits from curing rare diseases

Treatments for medical conditions with only a small number of sufferers can still be very attractive for pharmaceutical companies and investors becaus…
20 May 2022
Share tips of the week – 20 May
Share tips

Share tips of the week – 20 May

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
20 May 2022
Delivering profits: should you buy Royal Mail shares?
Share tips

Delivering profits: should you buy Royal Mail shares?

The volume of parcels delivered by Royal Mail soared during the pandemic, and so did its profits. But it has been coming under pressure lately. So, as…
19 May 2022

Most Popular

The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves looks at the FTSE 100’s top yielding stocks for income investors to consider.
18 May 2022
Imperial Brands has an 8.3% yield – but what’s the catch?
Share tips

Imperial Brands has an 8.3% yield – but what’s the catch?

Tobacco company Imperial Brands boasts an impressive dividend yield, and the shares look cheap. But investors should beware, says Rupert Hargreaves. H…
20 May 2022
Barry Norris: we’re already in the 1970s. Here’s how to invest
Investment strategy

Barry Norris: we’re already in the 1970s. Here’s how to invest

Merryn talks to Barry Norris of Argonaut capital about the parallels between now and the 1970s; the transition to “green” energy; and the one sector w…
19 May 2022