Brisbane, Mar 4, 2009 AEST (ABN Newswire) - Linc Energy Limited (ASX:LNC)(PINK:LNCYF) wishes to confirm that it is still in active negotiations with our Chinese counterparts concerning the purchase of its Emerald (Teresa) coal tenements in Queensland.
Since Linc Energy's announcement in December, the Company has continued to progress discussions and as recently as the past two weeks, has participated in meetings in both China and Australia.
Negotiations are now at a very sensitive stage with further meetings scheduled for the coming fortnight. Linc Energy remains positive about the prospects for finalisation of a sale in the near term and although disappointed that it has been unable to progress the transaction to a point whereby a detailed announcement could be made by the end of February, the Company will update the market as soon as it is in a position to do so, and in any event no later than Monday 23 March.
Mr Justyn Peters, General Manager of Business Development, said, "I remain extremely confident of reaching a positive outcome in these negotiations. Both parties have been working tirelessly to complete the sale, but unfortunately the complexities of the transaction, the Chinese approval process and the current global financial crisis have delayed the completion more than we could have anticipated. That said, we have now reached a stage where neither party can foresee any further lengthy delays."
For further information please contact Justyn Peters.
Contact
Mr Justyn Peters
Phone: +61-7-3229-0800
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