Sable Mining acquires Zimbabwe coal assets

Friday, June 04, 2010

Aim-listed resources investment company Sable Mining said on Tuesday that it would acquire an 80% interest in Monaf Investments, which holds the Lubu coal concession in the Bulawayo mining district of Zimbabwe.

The company would pay $3-million in cash and a further $3-million in shares at 28p a share, subject to satisfaction of certain conditions precedent.

Sable said that the transaction was part of its strategy to identify and invest in coal and iron-ore assets that could be rapidly developed to production. The Lubu coal concession is about 120 km north-east of the Hwange colliery and the Bulawayo rail line runs 100 km to the south west.

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