Firestone Energy rejects offer for Waterberg coal mine stake
Firestone Energy Limited (ASX/JSE:FSE) rejected today an offer from Tata Power to invest in a joint venture with Sekoko Resources to develop a coal mine in the Waterberg area of South Africa, saying the offer under-valued the assets.
After the announcement, shares in Firestone went up on both the ASX and JSE. The company traded 11% up in Australia and 9% higher in South Africa.
On March 31, the Firestone and Sekoko Resources JV signed a memorandum of understanding with South Africa’s power utility Eskom for a 30-year, ten-million-ton-a-year thermal coal supply agreement.
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