Last checked at 17 May 2013 14:37
Watermark Global Plc
(“Watermark” or “Company”)
MRI Update
Watermark Global Plc (AIM: WET), a company listed on AIM , provides an update from its associate company, Mine Restoration Investments Limited (“MRI”), with the following announcement which they made to the Johannesburg Stock Exchange today.
MINE RESTORATION INVESTMENTS LIMITED
(formerly Capricorn Investments Holdings Limited) Incorporated in the Republic of South Africa Registration number 1987/004821/06
Share Code: MRI
ISIN Code: ZAE000164562
("MRI" or "the Company")
UPDATE ON COMPLETION OF THE ANTHRACITE BRIQUETTING PROJECT (“BRIQUETTING PROJECT”)
1. Introduction
Shareholders are referred to the circular dated 2 April 2012 (“the circular”), The SENS announcements dated 23 January 2013, 15 March 2013, wherein they were advised that, inter alia, due to a number of factors, full production of the Briquetting Project would be delayed until June 2013, which delay would impact on the costs of the completion of the Briquetting Project.
2. Update on completion of the briquetting project
It is expected that the commercial commissioning of the project will commence in July 2013, with full production commencing in September 2013.
The reasons for the delay are as follow:
2.1 Excessive rainfall in the months of February 2013 to April 2013 has hindered safe working on the site and the mine area was being inaccessible for heavy duty transport.
2.2 Suitable local mobile machinery was not available in order to reduce costs.
2.3 The civil work was delayed because all of the safety and medical inductions needed to be completed again to create a new system of safety documentation acceptable so that the subcontractor could go onto site.
2.4 Due to the nature of the fill area, longer excavation was required to be performed and larger amounts of waste needed to be removed.
Despite the delays, management is still optimistic about the project and when it will go into commercial operation. Revenues generated from this project will be used to further capitalise the Company and invest and grow the business. The Company is continuously evaluating various projects for implementation of the technology.
17 May 2013
Peter Marks, Chairman of Watermark, said “whilst it is disappointing to note this further delay in commencement of the briquetting project, we are satisfied that the delays have been unavoidable and the project's prospects remain strong. We look forward to giving further updates on start-up”
Enquiries
Watermark Global plc Peter Marks, Chairman Tel: + 44(0) 20 7233 1462
Investor Relations Charles Zorab Tel: + 44(0) 20 7233 1462czorab@watermarkglobalplc.com
Nominated Adviser: Cenkos Securities
Ian Soanes Tel: +44(0)20 7397 8928
Copyright Business Wire 2013