In additional bad news for the Moatize coal, according to Macauhub, Beacon Hill Resources (will have to sell Minas de Moatize, its coal asset in Mozambique due to its inability to secure financing, and its consequent failure to service its debts, the company said in a statement. The full company’s statement can be seen here in the Jan 12, 2015 announcement.

Beacon Hill Resources Plc is focussed on building and developing a portfolio of near term production projects in commodities relating to the steel production industry. Beacon Hill listed on the AIM market of the London Stock Exchange (Code: BHR).

According to the company’s website, Beacon Hill Resources Plc owns and operates the Minas Moatize Coal Mine, which is one of three operating coal mines producing and selling coal in Mozambique’s Moatize Coal Basin, one of the largest developing coking coal regions in the world.

In addition to Minas Moatize, Beacon Hill holds a majority interest in the Changara Coal Project, an exploration project that is located within close proximity to its flagship Minas Moatize Coal Project

Additional data about Minas de Moatize project – reserves – can be seen here.

Earlier bad news, with Rio Tinto’s sale of coal assets in Mozambique, in a 2014 post.