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Contango continues to make progress on talks with potential offtake partner for Lubu project
StockMarketWire.com
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Natural resource development company Contango said ongoing discussions with a potential offtake partner for coking coal produced at its Lubu coking coal project in Zimbabwe continue to progress well, increasing the likelihood of a positive outcome.
'Since the site visit discussions have continued to make good progress, with an agreement now reached between Contango and the potential Offtake Partner on the next steps to advance the project,' the company said.
Contango said it would now focus on extracting bulk samples of the high value coking and metallurgical coals, which are of particular interest to the potential offtake Partner for its newly built coke batteries, expected to be commissioned later this month.
'Given the increasing likelihood of a positive outcome with the potential offtake Partner, Contango will shortly approve the appointment of a mining engineer, who will be charged with identifying the best areas for underground mining, specifically looking at fresh coal characteristics and strength importance, needed to determine mine depth cut-off,' the company said.
At 9:53am: (LON:CGO) Contango Holdings Plc Ord 1p share price was 0p at 5.6p
Story provided by StockMarketWire.com
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