News blog

Strategic Natural Resources

• BY: Andrew Hore |
• POSTED: 21/08/2014 |

Strategic Natural Resources says that a new management team is in place and it intends to gain a quotation on a recognised stock exchange. 

SNR (www.snrplc.com) left Aim on 24 July after its nominated adviser resigned. SNR owns 74% of the Elitheni coal mine in South Africa and says that the legal wrangles with creditors are “now mostly satisfied”. There is still an issue with Thelo Rolling Stock Leasing (Pty) but this and other issues should be resolved “in the not too distant future”,

A new Competent Persons Report (CPR) will be delivered on Elitheni and this will enable further finance to be raised to complete the mine. The last one suggested that the mine was worth between £107m and £122m.  The mine is on care and maintenance.

SNR intends to diversify into other commodities.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFAugust2014_59.pdf