First revenues for Beacon Hill

Miner Beacon Hill Resources generated its first revenues in the six months to June 2010. The revenues of £58,000 were modest and came from the Minas Moatize coal mine in Mozambique, where it acquired a stake during the first half. The reported loss increased from £177,000 to £1.26m. There was £496,000 in the bank at the end of June 2010. Since then £8.7m has been raised through a convertible loan issue. Beacon Hill believes that it will soon be able to complete an off-take deal and partnership with Global Coke. The deal covers the Minas Moatize coal mine and includes a $55m investment by Global Coke in BHR Mining, which owns the mine, in return for a 26% stake. Beacon Hill currently owns 51% of BHR Mining. The finalisation of the deal has been delayed because it covers a number of international jurisdictions. The company's magnesite project in Tasmania, which has a measured and inferred resource of 39m tonnes of magnesite, was granted a mining lease in August.