Debt financing10 Mar 2013 08:43
Weren't they needing to see what yields they were getting out of the wash plant for further debt financing?
Has it been running long enough now or does it need more time?
"This is intended to meet limited short term requirements on an unsecured basis until long term facilities have been agreed with major banks and financing institutions, which have been partially dependant on the publication of our reserve statement."
"The Directors are pleased announce a maiden SAMVAL compliant probable coal reserve of 34.1Mt, based on 60.1Mt of the Company's total 266.3Mt gross in situ coal resource (M,I&I). In addition, the Company has opencast reserves of 120,000 tonnes.
A portion of these probable reserves should be upgraded to proven reserves once the Company can demonstrate operational data to support the data and assumptions used with respect to the beneficiation of the coal.
The reserve figure is based on current scheduled (detailed mine planning) tonnes, which is based only on existing mining rights and resources that fall into the measured and indicated category."
"Underground mining commenced in November 2012 with the encouraging news that initial coal seam thickness is greater than predicted by Minxcon in the recent resources and related reserves update. This will greatly assist the Company in achieving its forecast production rates"