Brisbane, Mar 23, 2009 AEST (ABN Newswire) - Linc Energy Limited (ASX:LNC)(PINK:LNCYF) is pleased to announce that its negotiating team was formally notified on Friday, 20th March 2009 that, other than Australian governmental approvals, all necessary approvals have now been obtained by the parties with whom negotiations have been continuing since late 2008 for the proposed purchase of the Emerald (Teresa) coal tenements.
Obtaining these important approvals allows the parties to proceed to finalise negotiations on the remaining transaction details.
Linc Energy expects to finalise negotiations and execute the sale contract for the coal tenements in the coming 3 to 4 weeks, with the remaining formalities to be completed in Australia.
Linc Energy's General Manager of Business Development, Mr Justyn Peters, stated "Whilst the sale process has taken longer than expected, in obtaining all of the necessary off-shore approvals we achieved a fundamental milestone which will allow the parties to complete the sale process relatively quickly from this point. We have worked tirelessly with our Chinese counterparts to obtain the necessary approvals. Completing this milestone has been a challenging and difficult aspect of the sale process, particularly within the current economic climate."
Linc Energy's negotiating team will return from China this week. The Company will update the market upon the execution of the sale contract or as soon as any further material information is available; but in any event no later than 4 weeks from today.
Contact
Mr Peter Bond
Chief Executive Officer
Phone: +61-7-3229-0800
E-mail: oab@lincenerqv.com.au
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