Daily Newsletter

17 November 2023

Daily Newsletter

17 November 2023

Benjamin Hill intends to acquire stake in Colombian coal project

The Canadian company will have a 20% ownership of Aion and its interest in a fully permitted coal project in Santander.

Archana Rani

Canadian exploration company Benjamin Hill Mining has signed a non-binding letter of intent (LII) to acquire a stake in Aion Mining.

Under the LOI, Benjamin Hill will have a 20% ownership of Aion and its stake in a fully permitted coal project in Santander, Colombia.

The aggregate deal consideration is $1.12m. To this end, Benjamin will pay $600,000 (C$822,301) in cash and issue $525,000 of its shares.

For the share issuance, the price of each share will be “equal to the closing of the share price of the company on the closing date of the proposed transaction”.

Furthermore, it will have an anti-dilution right to maintain the 20% interest in Aion.

Benjamin CEO Cole McClay said: “Benjamin Hill is excited to have the opportunity to work with a highly skilled Colombian mining team to develop a coal asset with a path to generating revenue.

“There is a solid indication demand for coal assets in the global market will remain strong, as clean thermal technologies continue to emerge, while over 70% of the world’s steel is currently produced using coal.”

The coal property comprises eight known metallurgical and thermal coal seams from recent and historical diamond drilling programmes and surface exposures.

Benjamin said it will continue to compile the property’s recent and historical data, as well as undertake underground bulk sampling of the different seams.

The exploration programme will help the company better establish the known coal seams’ grades and ground conditions.

The finalisation of the deal is subject to various conditions such as Aion’s due diligence by Benjamin.

However, Benjamin also noted that there is no certainty that the proposed deal will be completed.

IoT and its potential impact on the mining value chain

IoT solutions enable mining companies to automate workflows, improve efficiency while reducing costs, and improve safety and ESG credentials across the whole value chain. IoT supports mining operations such as autonomous drilling, driverless haul trucks, health and safety monitoring, energy management, and environmental monitoring. IoT technologies enabling these mining operations include drones, wearable tech, proximity detection sensors, and autonomous trucks.

Newsletters by sectors


Sign up to the newsletter: In Brief

Your corporate email address *
First name *
Last name *
Company name *
Job title *
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Thank you for subscribing

View all newsletters from across the GlobalData Media network.