Monday, 11th October 2004 (2462 views)

Australia's Gympie Gold has announced it has secured contracts for the sale of its mining assets and leases in a gold and coal operation in the Hunter Valley region.

A worldwide sales campaign has led to the sale of Southland Coal and is being purchased by Yanzhou Coal Mining Company of China.

It is thought the sale will take around six to eight weeks to complete and will depend on the satisfaction of a number of commercial conditions.

In addition, the mining tenements will need to be transferred and environmental authority will have to be given by the government.

 

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