The LOI has been altered to allow the company to earn an additional 20% interest of the project bringing the total amount to 80% from the original 60%.
The proposed purchase price increases to approximately $22.06m to be paid in two tranches, with the first tranche for $5.1m due within six months of signing of the LOI and the second tranche for $16.96m due within one year of completing the first tranche payment.
Changyun coal mine, located within the Bijie coal fields, covers an area of 2.0954sq km with valid mining permits for a 150,000mtpy coal mining operation, which may be expanded to 300,000mtpy – 500,000mtpy.
Lucky Strike Resources is engaged in the process of exploring and/or developing coal properties in Guizhou province in China.
