Contango Holdings PLC - Zimbabwe-focused metallurgical coal producer - Receives its first royalty payment of $200,000 from the Muchesu coal project in Zimbabwe from the investor Huo Investments Ltd. It says it expects to receive a further $800,000 this month. The company says it will be paid a minimum of $2.0 million per year, with additional amounts based on coal production. It says a further minimum $1.0 million will be paid around the end of the first quarter.
Chief Executive Officer Carl Esprey said: ‘This milestone marks a significant step forward in unlocking the immense value of the Muchesu coal project. The receipt of our first royalty payment not only underscores the confidence our partners have in the project’s potential but also reinforces our commitment to delivering consistent value for our shareholders. With the operational foundations now firmly in place, we are excited about the continued progress and growth opportunities ahead.’
Current stock price: 1.52 pence, up 22%
12-month change: down 45%
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