As per the JV deal, Atlantic Coal will provide coal mining and processing expertise to CIC-Coal and in return the Chinese firm will purchase coal mined and/or processed by the UK company.
The JV deal will run for an initial three year period following which it may be extended by mutual agreement.
Under the coal sale agreement, Atlantic Coal will sell a minimum of 100,000 tonnes per year to CIC-Coal (with a minimum of 20,000 tonnes per quarter).
The coal sale agreement, which will start no later than 31 March 2014, provides a price per tonne which is adjustable subject to market conditions.
Atlantic Coal will also be responsible for all shipment costs up to the point of delivery to CIC-Coal in Tianjin, China.
Exploration firm Lara will invest $187,000 over the next six months to take up its rights as 13.3% shareholder, as well as to buy those of some of the founders not participating in the round.
The acquisition will increase Lara’s interest of the issued and outstanding shares of Carbhid to 19.91%.
Carbhid is developing underground coal mining operations targeting thermal and metallurgical grade coal on the Escalones Concession in the Boyacá district, as part of operating contract.
The El Diamante inclined shaft and related reserve development were completed by Carbhid during 2012, and began small-scale production for sale to a local thermo-electric power plant in mid-2013.
Thundelarra has negotiated its uranium interests in and around the Hayes Creek area approximately 140km south-southeast of Darwin in the Northern Territory to an unlisted Australian firm for about $1.5m.
As per the deal, the unlisted Australian firm will acquire the uranium interests for cash of $650,000 and the share will take shape within the next two years when the purchaser lists on the Australian Stock Exchange or other recognised Stock Exchange.
The transaction is subject to shareholder or regulatory approvals.
Thundelarra said the transaction is consistent with its stated corporate strategy of project rationalisation, concentrate on copper, base metal and gold exploration, and the intention to render its uranium project exposures more cost-effective.
Mineral exploration firm Thundelarra has advanced copper, gold and uranium projects in Western Australia and the Northern Territory.
Paragon Coal, a 47.6%-owned subsidiary of Tiaro Coal, has signed share subscription agreement to receive $3.6m funding from China Qinfa to advance exploration and assessment work on its T9 West project in Queensland.
As per the deal, China Qinfa will make payment through a series of investment tranches with an initial tranche of $1m already transacted ,while the remaining funds are scheduled to be paid prior to the end of December 2013.
The funds will be used to advance exploration and assessment of Paragon metallurgical coal project in the Maryborough basin, Queensland.
Mining firm Vale has sold its shares in Norsk Hydro with the exercise of the over-allotment option.
Following the exercise of the over-allotment option, no stabilisation activities will be undertaken and Vale will not hold any shares in Hydro.
Brazil-based Vale said the sale of Hydro shares is consistent with its strategy of reducing its exposure to non-core assets, and a result of its focus on discipline in capital allocation and value maximisation for shareholders.
Vale’s mines, production complexes, commercial offices and logistics and power infrastructure span five continents.