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16 Oct 2013 07:00
Armadale Capital Plc / Index: AIM / Epic: ACP / Sector: Investment Company
16 October 2013
Armadale Capital Plc (‘Armadale’)
Update on Commissioning of Coal Briquetting Plant, South Africa
Armadale, the AIM quoted investment company focused on natural resource projects in Africa, is pleased to note the announcement by Mine Restoration Investments Ltd (‘MRI’), in which Armadale holds a 40% interest, regarding the commencement of initial production at its coal briquetting plant. The full text of their announcement is given below:
Quote:
Further to the announcement released on SENS on 19 July 2013, which provided an update on the completion of the briquetting project, the Board of Directors is pleased to announce further that the commissioning of the Group’s first commercial coal briquetting plant, located in Vryheid, is progressing well. Construction of the plant, which commenced in March 2013 is almost complete. Initial production from the plant of coal briquettes has commenced, and is currently being air dried. The final drying section of the plant is currently in the commissioning phase, following which full commercial production will commence.
Product specification is monitored regularly and is dependent on the quality of the fines produced by the run of mine feedstock. Final product specification and the sale of the produced briquettes is subject to final customer confirmation, which will be based on bulk tests to be conducted at the customer’s facilities during the next 6 weeks.
Investors are referred to the Company's website (www.minerestoration.co.za) for a collage of photographs of the plant.
Jaco Schoeman, Chief Executive of Mine Restoration Limited, commented: “We are delighted to report excellent progress with the commissioning of our maiden coal briquetting plant at the Anthracite Coal Mine in Vryheid. Commissioning is entering its final stages prior to the commencement of full commercial production. The next important stage will be to make initial trial shipments to potential customers for feedback in the final specifications of the briquettes produced.
I would like to acknowledge our operations team and look forward to updating shareholders as further progress is made.”
Unquote
Peter Marks, Chairman of Armadale said, “With maiden revenues from the coal briquetting operations expected imminently, I believe we are well set to realise value from our 40% interest in MRI in the near term. In addition to our MRI investment, we remain focused on developing our portfolio of assets, including our strategic interest in the 380,000oz Au Mpokoto Gold Project in the Democratic Republic of Congo, which we look forward to advancing up the value development curve.”
**ENDS**
Enquiries:
Company
Peter Marks, Chairman +44 207 233 1462
Charles Zorab, Investor Relations
Nomad and broker: finnCap Limited
Stuart Andrews/Christopher Raggett +44 207 220 0500
Press relations: St Brides Media & Finance Ltd.
Susie Geliher/Charlotte Heap +44 207 236 1177
Notes
Armadale Capital Plc is focused on investing in and developing a portfolio of investments, targeting the natural resources and/or infrastructure sectors. The Company, led by a team with operational experience and a strong track record in Africa, has a strategy of identifying high growth potential businesses where it can take an active role in their advancement.
Armadale currently holds approximately a 40% interest in Mine Restoration Investments Ltd, a South African listed company, which aims to develop profitable operations within the South African mining industry through its coal briquetting operation in KwaZulu Natal and acid mine drainage project in the Witwatersrand basins. It has recently taken 15% of the shares in a company which holds an 80% stake in the Mpokoto Gold project in the Democratic Republic of the Congo, with agreements which could lead to the holding increasing to 90%. This is a gold deposit with 380,000 oz of JORC defined gold resource.
More information can be found on the website www.armadalecapitalplc.com.
Copyright Business Wire 2013
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