Minas Moatize is now positioned to ramp up production to a targeted level of 4 million tons per annum of saleable coal over the coming years.

Announcing its end-of-year results, the company said the recent completion of the DFS for Minas Moatize, which reported a pre-tax NPV13 of $662m and an IRR of 79.5%, highlighted the compelling economics of the project.

Further, drilling is anticipated to commence at another coking coal prospect in Tete province in Mozambique, Changara project in the next few weeks, which is hoped to prove up a substantial additional resource for the Group.

The Changara project covers a licence area of 184km2, 70 times the size of Minas Moatize, and is a greenfield site with proven coal reserves.

Beacon is progressing its Magnesite Project in Tasmania and is in the final stages of completing the scoping study for the project.