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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.

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Strategic Natural Resources updates on Elitheni development

6th Feb 2012, 12:06 pm by Giles Gwinnett Strategic Natural Resources updates on Elitheni development

Strategic Natural Resources (LON:SNRP) gave an update today about the funding of its Elitheni coal mine.

The firm noted the "statement made by the CEO of the Industrial Development Corporation of South Africa (IDC) at the weekend", which "confirmed that the IDC would be funding the development of SNR's 74 per cent owned subsidiary, Elitheni Coal (Pty) Ltd".

Today, in a statement to the stock exchange, Strategic Natural Resources said: "SNR confirms that, whilst it is in discussions with the IDC, these discussions remain on-going and form part of SNR's wider discussions with other parties in relation to finalising its funding needs."

It added that further announcements would be made at an appropriate time.

In December last year, the company announced a deal for selling coal from the mine.

The agreement was signed between Elitheni Coal (Pty) Ltd and government agency - IDC.

Elitheni will supply 70,000 tonnes of coal each year to a bio-ethanol plant that will built in South Africa’s Eastern Cape. The plant will produce its own power fuelled by Elitheni's coal, SNR said. The shipments are expected to start in 2013.

A government backed finance institution, named the Industrial Development Corporation, is fully funding the bio-ethanol project, the firm had said.

The supply agreement has an initial term of 20 years and during this time Elitheni would provide a total of 1.4 million tonnes of coal to the plant.

The coal will be sold at a fixed price, although it will be increased with inflation linked to South Africa's producer price index, the company said.

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