News blog
Strategic Natural Resources
- BY: Andrew Hore |
- POSTED: 18/02/2009 |
Strategic Natural Resources has raised £309,000 via a placing at 9p a share.
The South Africa-based coal miner needed some additional cash prior to a fund raising that should accompany SNR’s planned flotation on ALTx in South Africa. SNR will have to raise at least £4m at that time.
SNR has gained its mining licence for the Elitheni coal mine. Production will be built up over the next three years. Small scale mining has started but the additional mining will commence in the summer. SNR will start selling coal to IPSA’s power station in 2011. The coal could also be sold for steam coal. There is a potential contract being negotiated, with a new facility that is being developed, for 120,000 tonnes of coal a year.
The first 20 of a planned 100 franchised domestic depots, selling bags of coal for winter heating, have been established. That will not be enough to make Elitheni profitable.
A 1.5p fall in the share price left it at 11.5p at the end of the day, which values SNR at £7.48m.
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