logo-loader

Strategic Natural gets a week extension as rescue talks continue

Published: 10:09 12 May 2014 BST

coal_lump350_537090710769a

Coal miner Strategic Natural Resources (LON:SNRP)  has agreed a week’s delay to a winding up order while discussions with a potential new investor continue.

SNRP owns 74% of the Elitheni coal mine in South Africa and said as a result of discussions regarding a settlement of amounts potentially owed to with London Commodity Brokers an application has been made to delay today’s winding up meeting for a week.

Any new fund raising will be effected through the issue of new ordinary shares, Strategic said, and though talks are ongoing there can be no guarantees it will be completed, the miner said.

In the event that the company is unable to successfully raise funds then the board will have to take steps to protect the interests of the company's creditors, Strategic added.

Caledonia Mining tackles 2023 challenges with optimism for 2024 as it...

Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) chief executive Mark Learmonth tells Proactive's Stephen Gunnion the company faced a challenging 2023, primarily due to poor production in the first half of the year at its core asset, the Blanket Mine in Zimbabwe, and an underperformance...

46 minutes ago