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Strategic Natural Resources
- BY: Andrew Hore |
- POSTED: 25/02/2009 |
Strategic Natural Resources has acquired coal prospecting rights over an additional 26,000 hectares of land in the Eastern Cape coalfield.
This takes the coal prospecting rights area held by 74%-owned subsidiary Elitheni Coal to 62,000 hectares.
SNR has five years to assess whether there is enough coal in the new area to apply for a 30 year mining right over the mineable areas.
At 12p a share, SNR is valued at £7.8m.
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