LONDON (ShareCast) - Beacon Hill has increased its Joint Ore Reserves Committee (JORC) compliant resource for the Minas Moatize coal mine in Mozambique by 31 per cent.
The company said the resource was upgraded to 86.8m tonnes from 66.4m following results from infill drilling last year.
"I am delighted with the resource update being reported today which has successfully and substantially increased the size and confidence level of the Minas Moatize coal mine," Rowan Karstel, Managing Director of Beacon Hill, said.
"We believe that the resource is capable of further material enlargement and look forward to the JORC compliant reserve statement which will be published and announced by the end of [the first quarter of 2013]."
Shares were up 3.73% to 3.20p at 10:22 Monday.