Clara Resources Secures Full Ownership of Ashford Coking Coal Project

Clara Resources Australia Limited (ASX: C7A) has successfully acquired the remaining 60% stake in Renison Coal Pty Ltd, which owns the Ashford Coking Coal Project, from Savannah Goldfields Limited for AU$3.95 million plus a future royalty of AU$0.75 per tonne on coal sales. This acquisition agreement also involves revised payment terms and conditions, including a reduction in total cash consideration and restructuring of deferred payments.

Additionally, Clara issued 11.1 million shares to Savannah, increasing their stake to 19.5%. The deal reflects a significant discount compared to previous terms and aims to enhance project flexibility and financing. The Ashford project, located in the Northern Tablelands of NSW, is progressing in studies to confirm its economic viability and market potential.

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