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12 May 2014 09:00
Armadale Capital Plc / Index: AIM / Epic: ACP / Sector: Investment Company
12 May 2014
Armadale Capital Plc (‘Armadale’ or ‘the Company’)
Update of operations at MRI’s coal fines and briquetting operation, South Africa
Armadale, the AIM quoted investment company focused on natural resource projects in Africa, notes the update released by Mine Restoration Investment Limited (‘MRI’), in which the Company has an equity interest. MRI has continued to expand production over the last few months and aims to develop profitable operations within the South African mining industry through its coal fines processing and briquetting operation at Vaalkrantz Colliery in KwaZulu Natal (‘the Plant’). The full text of the announcement can be found at www.minerestoration.co.za/business-segments/coal-briquetting-project.
Justin Lewis, Director of Armadale, said, “With a commercial agreement in place for the sale of its coal fines, and discussions underway regarding the sale of coal briquettes, MRI is continuing to make progress towards generating value from its coal fines processing and briquetting operation. MRI has been focussed on maximising the efficiency of its operations, which has positively impacted production, and they remain committed to identifying the best technology to ensure the production of high quality coal fines and briquettes. The recently announced reorganisation of MRIs balance sheet, with the proposed conversion of debt to equity, should also put MRI on a sounder financial footing.”
**ENDS**
Enquiries:
Company
Justin Lewis, Director +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 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 businesses where it can take an active role in their advancement.
Armadale is focused on the development of the development of the Mpokoto Gold project in the Democratic Republic of the Congo, to which it holds the right to an 80% interest. Armadale also currently holds approximately a 37% interest in Mine Restoration Investments Ltd, a South African listed company, which aims to develop profitable operations in South Africa through the briquetting and sale of coal fines in KwaZulu Natal and an acid mine drainage project in the Witwatersrand basins, as well as a number of other quoted investments.
More information can be found on the website www.armadalecapitalplc.com.
Copyright Business Wire 2014
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