Perth-based exploration company Mantle Mining is to buy the share capital of small coal mining company Trafford Coal Pty for A$660,000, according to Australian news sources.
As part of the deal, Mantle will acquire 87.5% of the 500 million tonne Mt Mulligan coal deposit in Queensland, says the Sydney Morning Herald.
Mantle has a market capitalisation of about $8.6m and is seeking gold, uranium and base metals in Queensland and Victoria.
The acquisition includes coal seam methane rights for $100,000 cash and the issue of two million fully paid ordinary shares.
