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Strategic Natural Resources

• BY: Andrew Hore |
• POSTED: 14/10/2008 |
• COMMENTS: Add yours

More than doubled coal resources at Indwe has boosted the share price of Strategic Natural Resources.

The shares jumped 5.5p to 23.5p, which values SNR at £15.3m. SNR owns 74% of Elitheni Coal, which owns the Indwe coal project in South Africa.

The resource of 97.2m tonnes of coal includes 44.5m tonnes of measured resource, 26.3m tonnes of indicated resource and 26.4m tonnes of inferred resource. The company’s consultant believes that 52m tonnes of this coal is extractable.

This is enough coal to meet the needs of IPSA’s proposed power station in the vicinity of Indwe. The power station is likely to require around 2.2m tonnes of coal each year.

When SNR floated in August 2007 it had 6.68m tonnes of measured resource. The current measured resource is nearly six times that level. The flotation price was 30p a share, which is higher than the current price.

So far, 1.3% of the 190,000 hectares held for exploration by SNR has been explored.

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