Mozambi Coal’s Limited (ASX:MOZ) subsidiary has acquired two coal exploration licences from Rio Tinto Limited (ASX:RIO) subsidiary Rio Tinto Exploration Pty Ltd in Queensland.
Mozambi says it paid Rio Tinto Exploration an initial $375,000 plus GST in cash, with additional milestone payments of up to a further $3 million due on delineation of a measured resource over 50 million tonnes and on commencement of export shipments.
One of the licences is in the Bowen Basin with untested potential for metallurgical coal and is next to existing infrastructure, while the other is next to the Styx Basin and considered to be greenfields.
Mozambi said its subsidiary MNBB Pty Ltd has also entered negotiations to buy up to another three licences in the state from other vendors.
Rio Tinto delivered a net profit of $1.8 billion in the first half of fiscal 2013.