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28/03/2012

Strategic Natural Resources has “huge potential” as a coal producer

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Additional Information
Market: AIM
Sector: General Mining - Coal
EPIC: SNRP
Latest Price: 20.38p  (1.90% Ascending)
52-week High: 33.38p
52-week Low: 11.13p
Market Cap: 34.67M
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Strategic Natural Resources
www.snrplc.co.uk

SNR intends to develop, own and manage natural resource extraction enterprises in southern Africa. SNR will concentrate, initially, on managing the development of and the investment in the Elitheni Mine, in the Gubahoek/Macubeni area of the Eastern Cape. Further opportunities both in South Africa itself and elsewhere in the southern part of the continent will be followed up as they arise. The company’s main country of operation is the Republic of South Africa.

Full Strategic Natural Resources profile here
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Strategic Natural Resources shares soar as it completes Elitheni feasibility study

21st Oct 2010, 11:34 am Elitheni has a 150 million tonne coal resource

Strategic Natural Resources (LON:SNRP) (SNR) director Jeremy Metcalfe told Proactive Investors that the proposed Elitheni Coal mine looks like a significant and very exciting project, after early reading of the feasibility study.

This morning the company announced that the feasibility study is now complete after it received the third and final stage of the document - the washability and market application studies.

Investors welcomed the news on London’s AIM market this morning, with shares advancing around 20% to 20.5p by late morning.

SNR shares have now doubled in value in less than a week.

Metcalfe highlighted that the company now has the project’s full feasibility study on hand.

“The feasibility study is a substantial and complex document that requires considerable examination ... but on early reading [Elitheni] looks like a significant and very exciting project,” Metcalfe said.

SNR is currently reviewing the studies and expects to provide a full update on the outcome of the Feasibility Study by the end of October.

Elitheni is located on the eastern cape of South Africa, and it has a total coal resource of 150.3 million tonnes (Mt), comprising 45.6Mt measured resources, 45.5Mt indicated and 59.2Mt inferred.

The resource was updated as part of the feasibility study back in July, and at the time it represented a 55%. increase.

Metcalfe’s sentiment was shared by chief executive David Nel’s statement this morning.

“Our initial review confirms that this supports the board’s previously held expectations for the export feasibility of Elitheni coal, in addition to providing additional opportunity which the board will soon be in a position to report on," Nel said."

Additionally in a separate statement SNR said its non-executive director Peter Earl left the board amid concerns about a conflict of interest with his role at IPSA Group (LON:IPSA), where he is chief executive.

IPSA is a South African based power generation company.

SNR also said it was in discussions with Elizabeth Shaw regarding her position as finance director, Shaw is also a director of IPSA.

Both Earl and Shaw joined the SNR board back in October 2008, when the two companies agreed a supply agreement.

The deal proposed that IPSA would develop a 250 megawatt (MW) power plant at the Elitheni mine mouth.

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