Canada-based Morien Resources holds the remaining 25% stake in the project.
In 2005, a joint venture (JV) consortium between Xstrata Coal and and Morien won a tender to develop Donkin.
In accordance with the joint venture agreement, Glencore offered to sell the assets to Morien on the same terms and conditions as agreed with the third party.
Morien said it is reviewing the terms agreed between Glencore and the third party, and will soon decide whether to exercise the deal.
If the company does not respond within a 60-day period, Glencore will proceed with the sale to the third party.
Donkin is said to host high-quality coal, low ash, high energy, high vitrinite content, high fluidity and high CSN, and is expected to produce 2.75 tons per year of saleable coking and thermal coal once fully developed.
Morien is a minority interest investment company focused on the mining industry and unique mineral industry opportunities in Canada. It holds interests in Donkin Coal Project, Black Point Aggregate Project, Banks Island Gold Project and US Industrial Mineral Interests.
