DGAP-News: ICHOR Coal N.V.: IchorCoal accelerates the extension of its subsidiary Vunene Mining
(firmenpresse) - DGAP-News: ICHOR Coal N.V. / Key word(s): Investment
ICHOR Coal N.V.: IchorCoal accelerates the extension of its subsidiary
Vunene Mining
28.06.2013 / 09:41
---------------------------------------------------------------------
IchorCoal accelerates the extension of its subsidiary Vunene Mining
- Block D and Portion 9 of opencast mining in Vunene's Usutu Colliery
start production
- Development of Portions OC2 and OC3 has commenced
- All necessary environmental authorisations are granted
Berlin, 28 June 2013: IchorCoal N.V., an internationally operating mineral
resource company, is advancing in big steps the production capacities of
its South-African subsidiary Vunene Mining (Pty) Ltd. In the next weeks
production will start in Block D and Portion 9 of Vunene's Usutu Colliery
with a monthly production of up to 180,000 respectively 50,000 tons. The
development of Portions OC2 and OC3 has started and will be finished by the
end of the year. Vunene Mining is one of the few South African mining
companies, which have in addition to the Mining Licence an Integrated Water
Use Licence as well as a Licence in accordance with the South African
National Environmental Management Act.
Vunene Mining, where IchorCoal since 2012 owns 74 percent, acquired in 2006
the Usutu Colliery, located approximately 200 km southeast of Johannesburg
in the Ermelo region. In the '70s and '80s Usutu Colliery was the largest
single producer of coal in South Africa with a monthly production of around
450,000 tons. In 1991 the underground mine was stopped when the nearby
Camden Power Station, the single client of Usutu was mothballed. Camden was
re-opened under the Return to Service program during the years 2006 to
2008.
'Our strategy of a well measured and careful expansion is paying off now',
says Heinz Schernikau, the CEO of IchorCoal. 'We have received all
necessary permits especially regarding the environmental authorisations.
This gives the degree of security which we see as pivotal to our
investors.'
The total resources in all opencast pits (6B, D, 9, OC2, OC3) add up to 5,5
million tons and will last until the year 2015. Then the underground mine
will be revamped completely and the production will replace the deliveries
from the opencast mines.
The Management Board
About IchorCoal N.V.
IchorCoal N.V. is an internationally operating mineral-resource-company
specializing in investments in coal resources as well as in other projects
in the field of coal logistics and coal handling along with coal trading
via its marketing arm HMS Bergbau AG. The company is aiming to secure own
coal-resources, to gain control along the value chain and to sell the
produced coal on the international markets. In consideration of the global
rise in demand for coal, market chances are vast and entrepreneurial action
is essential and bears excellent prospects. The company is led by its CEO
Heinz Schernikau and its CFO Sebastian Giese. Both bring in their long time
experience in the commodity sector.
Forward-looking statements
This news release includes forward-looking statements. Forward-looking
statements include, but are not limited to, statements concerning estimates
of expected mining and associated costs, statements relating to estimates
of, and increases in, production, cash flows and values and other
statements which are not historical facts. When used in this document, the
words such as 'could,' 'plan,' 'estimate', 'expect', 'intend', 'may',
'potential', 'should' and similar expressions are forward-looking
statements. Although IchorCoal believes that its expectations reflected in
these forward-looking statements are reasonable, such statements involve
risks and uncertainties and no assurance can be given that actual results
will be consistent with these forward-looking statements. Important factors
that could cause actual results to differ from these forward-looking
statements include the potential that the Company's projects will
experience technological and mechanical problems, that geological
conditions in the reservoir may not result in commercial levels of oil and
gas production, that changes in product prices can have a material impact
and that IchorCoal fails to raise sufficient capital to adequately fund its
activities.
Contact:
IchorCoal N.V.
An der Wuhlheide 232, 12459 Berlin
Phon: +49 30 65 66 81 60
FAX: +49 30 65 66 81 15
info(at)ichorcoal.com
www.ichorcoal.com
Thomas Luber
NewMark Finanzkommunikation
Zum Laurenburger Hof 76, 60594 Frankfurt
Phon: +49 69 94418069
mobil: +49 171 8311216
Thomas.luber(at)newmark.de
End of Corporate News
---------------------------------------------------------------------
28.06.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
218646 28.06.2013
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Bereitgestellt von Benutzer: EquityStory
" alt="East West Petroleum Announces Results of 2013 AGM
Datum: 28.06.2013 - 09:41 Uhr
Sprache: Deutsch
News-ID 274250
Anzahl Zeichen: 7839
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 524 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: ICHOR Coal N.V.: IchorCoal accelerates the extension of its subsidiary Vunene Mining"
steht unter der journalistisch-redaktionellen Verantwortung von
ICHOR Coal N.V. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
