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Contango halts operations at Lubu coal project in Zimbabwe amid progress on potential offtake talks
StockMarketWire.com
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Contango said it had ceased mining operations at its Lubu coking coal mine in Zimbabwe following positive progress on offtake talks with a Zimbabwean subsidiary of a unnamed Chinese industrial company and a stainless steel producer.
The decision to cease mining operations at Lubu will continue until 'these discussions have progressed, which is expected to be in April 2021, thereby ensuring any potential development is optimised and the company's resources are deployed appropriately,' the company said.
'The company intends to open a trial pit and a bulk sample will be sent to the Potential Offtake Partner so that it can conduct a burn test,' it added.
At 9:55am: (LON:CGO) Contango Holdings Plc Ord 1p share price was 0p at 5.6p
Story provided by StockMarketWire.com
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