Thursday, July 05, 2012 -
British-based Legendary Investments plc said on Thursday it has bought into Kyrgyz coal miner Manas Minerals for a $155,000 cash investment.
Manas Minerals owns a license to mine coal at the Padsha Ata resource in the Jalalabad province in southern Kyrgyzstan.
The prospect, located in the Aksy region of Jalalabad, is estimated to hold 201 million tons of coal, according to Legendary, the online media outlet 4-traders.com reported.
The reserve is currently being opened up for development with a work program of profiling, trenching, drilling and improving site access scheduled for completion before the end of 2012.
The mine’s output, located just 125 miles from the Kyrgyz-Chinese border, will be sold to customers in China.
The deal between Legendary and Manas Minerals gives the London-listed investment firm a 1 percent stake in the Kyrgyz miner. Legendary also holds an option to purchase a further 0.5 percent stake in the company for a further $78,000.
Legendary Investments said in its web site it invests in companies that show potential for high-capital appreciation over a relatively short period. Legendary typically holds investments for between one and three years.