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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 on track to deliver first coal orders by spring

28th Nov 2011, 9:57 am by Jon Mainwaring Strategic Natural Resources is focused on coal production in South Africa

Shares in Strategic Natural Resources (LON:SNRP) improved a little in early trading today after the South Africa-focused coal miner said that it remained on schedule to deliver its first orders by the spring of next year.

By 9:10am shares in the firm were up 3.3 per cent at 12.65 pence each after the firm reported results for the six months to the end of August.

In its results statement it said that it had developed a mining plan to that would ensure the most cost-effective way to deliver against its first orders and that opencast workings have been targeted for full production by February 2012, with underground workings to begin in April.

Current negotiations with suppliers of washing plants have led the firm to expect that a 150 tonne per hour module will be commissioned by the end of April, which will allow it more than enough time to begin shipping ‘beneficiated’ (higher grade) coal by June.

The firm has also signed a memorandum of understanding with a private rail company to provide the rail services and rolling stock necessary to begin rail operations to the ports of East London and Coega. In addition to its initial export order, the firm is in discussions with third parties regarding further off-take of coal on a long-term baisis.

Strategic Natural Resources added that around 100 holes have been drilled since May 2011, with more than half of these yielding coal. Drilling is planned to begin in January.

“SNR have made further significant progress in the last six months towards contracting out the mining operations and sourcing plant and equipment,” said David Nel, Strategic Natural Resources’ chief executive officer. “We remain confident we will be able to deliver our first orders on schedule and we anticipate being able to update our competent persons report (CPR) in Q1 of 2012 and will update our resource statement at that time.”

During its first half of its 2012 financial year, the firm made a loss of £975,000 (H1 2011: £470,000).

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