Proactive Investor's  Instablog

Proactive Investor
Send Message
Proactiveinvestors is a leading multimedia news organization, investor portal and events management business with offices in New York, Sydney, Toronto and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of... More
My company:
Proactiveinvestors
My blog:
Proactiveinvestors
  • Universal Coal Increases Ownership Of Coal Projects In South Africa 0 comments
    Jan 28, 2013 8:03 PM

    Universal Coal plc (ASX:UNV) has increased ownership of its coking coal and thermal coal projects in South Africa.

    It now has a direct ownership of 50% in the Berenice coking coal project from an automatic earn in agreement (via funding the drilling campaigns to date).

    As a result of now owning 50% of this project, Universal also un-locks an exclusive option to acquire the balance of 24% (to take a maximum ownership to 74%).

    This has resulted in the Universal attributable coking coal tonnes increasing to 750.3 gross tons in-situ of coal.

    The Berenice project has a historical total JORC coking coal resource of 1.324 billion gross tons in-situ of coal, which has now been drilled out to pre-feasibility status.

    A resource update will be released in February, after a slow turnaround of analytical work by outside third parties.

    Roodekop coal project

    Additionally, Universal has achieved a direct ownership of 74% in the Roodekop coal project having exercised the option it held over this asset. The option was exercised for a cash consideration of ZAR 5million.

    This has resulted in the Universal attributable thermal coal resources increasing to 210.02 gross tons in-situ of coal.

    Commenting on the increase in ownership secured at Berenice, Executive director & chief executive officer of Universal Tony Weber said: "We are delighted to have concluded this farm-in agreement to achieve 50% shareholding in the primary Coking properties, with the resultant drilling now allowing for the next phase of development of the Berenice Project".

    Universal willl also release details of developments at its Kangala project, having successfully raised its equity capital requirements in December 2012 and with final credit approval received from project debt financier Rand Merchant Bank.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

Back To Proactive Investor's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.