Last checked at 20 Jan 2014 07:00
Armadale Capital Plc / Index: AIM / Epic: ACP / Sector: Investment Company
20 January 2014
Armadale Capital Plc (‘Armadale’ or ‘the Company’)MRI Coal Briquetting Operation to Commence Full Commercial Production
Armadale, the AIM quoted investment company focused on natural resource projects in Africa, is pleased to note the recent announcement by Mine Restoration Investments Limited (‘MRI’) in which Armadale holds an interest of approximately 40%. MRI is listed on the Alt-X Exchange of the Johannesburg Stock Exchange and aims to develop profitable operations within the South African mining industry through its coal briquetting operation in KwaZulu Natal and acid mine drainage technology in the Witwatersrand basins.
MRI’s coal briquetting plant at the Vaalkrantz Mine in Kwazulu-Natal in South Africa (‘the Project’), which commenced operations from run of mine coal in October 2013, has now installed and fully commissioned a re-suspension unit allowing it to operate from the fines stockpile of the plant. With this initial ramp up now complete, the Project can commence full commercial production. MRI has also reported it is in advanced discussions with potential customers and offtake partners, including Keaton Energy, the owner of the Vaalkrantz Mine, with a view to securing long term offtake agreements. It is currently market testing the final coal briquette product and expects to finalise arrangements shortly.
Justin Lewis, Director, said, “The Board of Armadale is pleased to note the continued progress being made by MRI in relation to its flagship coal briquetting project in South Africa. This is an exciting point of development as MRI ramps up production and continues discussions regarding potential offtake agreements, and we look forward to MRI providing an update on its progress going forward.”
A full copy of the MRI announcement can be found at www.minerestoration.co.za/
**ENDS**
| Enquiries: | ||
| Company | ||
| Justin Lewis, Director | +61 439 162369 | |
| Charles Zorab | +44 207 233 1462 | |
| 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 | |
More information can be found on the website www.armadalecapitalplc.com
Notes
Armadale Capital Plc is focussed 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 holds the right to an 80% interest in the Mpokoto Gold Project in the Democratic Republic of Congo. Armadale are focused on proving up the resource potential of Mpokoto with a view to commencing commercial gold production in 2015.
Armadale also 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 technology in the Witwatersrand basins.
In addition, Armadale has a small portfolio of listed investments which are focused on gold production and exploration. The Directors continue to maintain an active acquisition strategy and will review investment opportunities that they believe have the potential to be accretive in terms of shareholder value.
Copyright Business Wire 2014