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Strategic Natural Resources puts Elitheni up for sale

Published: 13:45 01 Jul 2014 BST

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Strategic Natural Resources (LON:SNRP) is conducting a strategic review of its Elitheni coal mine in South Africa.

Among the options being considered is the sale of the asset that currently has 266,000,000 million tonnes of coal and is located in an area of extensive infrastructure.

Meanwhile, it has completed the acquisition of a 6% stake in US natural gas outfit Millennium Energy, with the consideration satisfied by the transfer of 5mln Strategic Natural Resources (SNR) shares to Millennium plus £400,000 in cash from SNR’s reserves while a further £2mln will be paid will be satisfied through the issue of 40mln shares at 5p each.

The stake is being acquired from Ivory Mint Holdings, a company controlled by Irving Aronson, which also owns Target Alliance (London), which recently subscribed for £1mln of shares in SNR. Target has indicated it is prepared to subscribe for another £1.2mln of SNR shares at 3p each.

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