Aviva Poised To Acquire 90% In Mmamantswe

In a BSE-posted statement on Friday, Aviva advised Mawana Minerals (Mawana) that it had achieved the $US0.5 million (P3.42 million) expenditure required by 30 September 2008 as part of farm-in arrangements and elected to make the final vendor payment to secure the right to move to a 90-percent interest in the project.

The Mmamantswe Power Project is based on a 1.3 billion tonne indicated coal resource located near Botswana's border with South Africa and adjacent to key infrastructure.
Aviva signed Heads of Agreement with Mawana in June 2007 to develop the project. Under the initial agreement, Mawana maintains a 10-percent carried interest in Mmamantswe and the right to take up a further 15 percent on a fully funded basis. Aviva is required to undertake a Bankable Feasibility Study (BFS) to complete the earn-in.