Additional Information
Market: ASX
Sector: General Mining - Uranium & Lithium
EPIC: AFR
Latest Price: A$0.19  (0,00%)
52-week High: A$0.79
52-week Low: A$0.17
Market Cap: A$60.47M
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African Energy Resources
www.africanenergyresources.com

African Energy (ASX:AFR) owns 100% of the Sese Coal and Power Project in northerm Botswana which has a defined near-surface coal deposit containing indicated resources in excess of 2.5 billion tonnes. The entire resource is amenable to low-cost open pit mining and can produce large tonnages of both domestic power station fuel amd washed coal for regional and export sales.

Pdf

African Energy Resources 42% share spike prompts ASX price and volume query

9th Dec 2010, 2:54 pm

With its shares jumping 42% to $0.425 today in intra-day trading, from a closing price of $0.30 yesterday, on massive volume, the ASX has initiated a price and volume query to African Energy Resources (ASX: AFR).

The company said it is not aware of any material information that has not been released to the market, which may have sparked the sudden investor interest.

In a response to the ASX the company did refer to some recent media attention with an article published yesterday.

African Energy also stated, 'The company is also aware of recent takeover activity within the African coal sector, notably Rio Tinto's (ASX: RIO) informal offer for Riversdale Mining and JSW Energy's agreement to acquire Botswana coal developer, CIC Energy Corp.'

In midday intra-day trading, African Energy shares last traded at $0.40, 33% higher on the day.

 

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