Shumba sells 50% stake in Sechaba thermal coal project to SA’s Lurco Group

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SHUMBA Energy, a company listed in Botswana, is to sell a 50% stake in its Sechaba coal prospect, which is located in the southern African country’s Morupule coalfield, in a deal with Lurco Group, a privately-held South African firm.

The transaction structure is that Lurco farms in to the stake in Sechaba by spending capital on a feasibility study and open-cast mine to the tune of $10m. A further $10m will be paid in cash to Shumba. The coal produced at Sechaba from the open pit mine will then be toll-processed through a wash plant owned by Shumba.

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