News blog
Watermark Global
- BY: Andrew Hore |
- POSTED: 21/12/2009 |
Watermark Global says that its wholly-owned subsidiary Western Utilities Corp has received approval for its final scoping report for the proposed acid mine drainage project.
The approval has been given by the Gauteng Department of Agriculture and Rural Development, which has also approved the plan of study for the Environmental Impact Assessment (EIS). These approvals were originally expected in November. This could cause a small delay to the project.
Watermark recently announced that it had signed a co-operation agreement with Industrial Development Corporation of South Africa for its acid mine drainage project. This secured the company an additional Rand5m to finance the completion of the EIS and additional engineering work. IDC has the right to finance up to 10% of the project. If IDC decides not to become involved the money paid will be written off. The Development Bank of South Africa was already involved in the project.
At 0.875p a share, Watermark is valued at £6.01m.
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