Vitol establishes Coal Marketing partnership with Beacon Hill Resources
Worldwide, 19 March 2012
Geneva, March 19th: The Vitol Group is pleased to announce that their coal trading business, Vitol Coal SA (“Vitol”) has entered into a strategic marketing partnership with Beacon Hill Resources Plc (“Beacon Hill”) the Mozambican coal producer.
- The parties have entered into a Coal Marketing Agreement whereby Vitol will act as agent to market coal produced by Beacon Hill’s Minas Moatize Mine in Mozambique.
- Beacon Hill will utilise Vitol’s global coal marketing network – Vitol trades worldwide in excess of 25 million tonnes of coking and thermal coal.
- Beacon Hill will continue to market and sell export coal to Global Coke, who will continue to be offered up to 600,000 tonnes per annum of coking coal for the life of the Minas Moatize Mine
- Vitol will advance to Beacon Hill a debt facility of up to US$20 million in two tranches of US$10 million. Beacon Hill will be able to utilise the funds for capital expenditure, general corporate and working capital purposes
Bob Finch, Head of Vitol Coal, said “We are delighted to have entered into this partnership with Beacon Hill, which has allowed us to have a presence in the Moatize Basin of Mozambique, which we consider to be one of the world’s most significant undeveloped coking coal regions. Coal trading has become an increasingly important part of the Vitol Group’s trading portfolio and this partnership makes an important contribution to our growth”
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