News blog
Strategic Natural Resources
- BY: Andrew Hore |
- POSTED: 02/07/2008 |
Strategic Natural Resources has signed up a black economic power partner.
The South African coal miner has sold a 21% stake in its Elitheni Coal business to Liketh Union, which represents a group of black economic power interests. African Pioneer was going to take this role but has withdrawn in Liketh Union’s favour.
Liketh Union is paying £3.97m for the 21% stake. Local entrepreneur Christopher Mazizandile Msutu is buying a 5% stake for £945,000.
SNR says that it will recognise a profit on the stake sale. The sale price would value Elitheni Coal at £18.9m and the other 74% of Elitheni at £14m.
The cash will be used to finance more drilling. Elitheni should now be able to obtain a mining licence.
Shares in Strategic Natural Resources fell 0.5p to 33.25p, which values the company at £21.6m.
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