Caledon Resources
Caledon Resources (ASX: CCD, LON: CDN) is a coking coal producer and explorer in the Bowen Basin of Queensland, Australia. It acquired the mothballed Cook Mine in late 2006 and has since recommissioned the operation and introduced an innovative new underground mining methodology.
The Company also purchased the nearby Minyango exploration concessions in 2006 and has conducted a number of drilling programs in preparation for a feasibility study.
Caledon Resources ups Cook mine’s coking coal resource by 13 pct
Monday, March 28, 2011 by Jamie Ashcroft
Caledon Resources (LON:CDN, ASX:CCD) unveiled a 13 percent increase in the Cook mine’s coking coal resource, from 406 to 460 million tonnes.
It has also increased the mine’s marketable coal resource substantially, from 22.2 million to 47.7 million tonnes.
The cook mine in Queensland, Australia, is the company’s primary asset. It also owns the nearby Minyango project.
Back in November Caledon recommended a 112 pence takeover bid - which represented a 34 percent premium at that time – from state-owned Chinese mining company Guangdong Rising Assets Management (GRAM).
However, like many similar state-sponsored Chinese takeovers, the final approval process in the People’s Republic has been taking longer than expected.
Earlier this month Caledon moved to reassure investors by relaying comments from the Chinese bidder saying it was confident that the proposed takeover is in the final stages of the approval process in the People’s Republic.
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