Armadale Capital Regulatory News (ACP)

19 Nov 2009 10:50

Watermark Global Plc("Watermark" or "the Company")19 November 2009

Watermark, the AIM quoted Company which focuses on the treatment of Acid Mine Drainage (AMD) in South Africa, wishes to bring shareholders up to date with the regulatory progress of the project by its wholly owned subsidiary, Western Utilities Corporation (Pty) Ltd., ("WUC")

The Company had expected that WUC would by now have received approval for its final scoping study from the Gauteng Department of Agriculture, Rural Development and Conservation (GDACERD). Whilst GDACERD has not indicated that there are any significant problems with the study, approval has not been provided. There is no reason to suppose that approval will not be forthcoming, but at this stage it is not possible to provide a firm date for receipt of approval.

The Environmental Impact Report (EIR) is expected to be finalised within a month. At that stage it can be submitted for public review, followed by submission to GDACERD of the Environmental Impact Assessment (EIA). The plan was that this EIA could receive final approval in the form of a Record of Decision (RoD) in February 2010. The Company has done everything possible to achieve its stated timetable but this deadline is now in doubt. Unfortunately it is not possible at this stage to confirm what impact, if any, this delay might have on the project timetable.

The delay in approvals referred to above may also have an impact on e.g. the signature of the off-take agreement with Rand Water and processing of the Water Use Licence, but the Board remains confident that ultimately the approvals will be received.

The Board will provide a further update as soon as it has further definitive news or developments to announce.

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