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Strategic Natural Resources
- BY: Andrew Hore |
- POSTED: 22/02/2012 |
- COMMENTS: Add yours
Strategic Natural Resources has added 53m tonnes to its coal resource at the Eletheni mine in South Africa.
SNR owns 74% of Eletheni Coal. The resource upgrade has come after the analysis of results from 2011 drilling on the first four exploration area phases. It takes the coal resource to more than 200m tonnes. This is on less than 5% of the area of the company’s exploration rights. Of the additional resource, 883,000 tonnes is on a measured basis and 21m tonnes on an indicated basis.
The fifth exploration phase is due to start in the near future.
Negotiations continue on the funding of the mine but SNR believes that it will be able to make the first coal shipments to Trasteel by the middle of this year.
At 19.62p a share, down 0.75p, SNR is valued at £23.4m.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFFebruary2012_29.pdf
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