Re Coal Supply Contract

12 Oct 2009 07:00

BISICHI MINING PLC (Bisichi)

BISICHI FINALISES COAL SUPPLY CONTRACT FOR 2010-2012

Bisichi, the mining company with direct coal mining operations in South Africa, is pleased to announce that its principal South African coal mining subsidiary, Black Wattle Colliery (`Black Wattle'), has finalised a three year coal supply contract with a large Swiss based commodity broker.

The fixed price contract, the terms of which are confidential, is for 900,000 tonnes of its export steam coal product to be supplied evenly over three years commencing January 2010.

Andrew Heller, Managing Director of Bisichi, said:

'By taking advantage of the higher forward prices for export steam coal, we have managed to secure a fixed price for our product at a significant premium to the current coal price and by securing a long term buyer for our export product, Bisichi will be in a strong position next year to take advantage of Black Wattle's expanded washing plant capacity.'

For further information, please call:

Andrew Heller, Bisichi Mining PLC 020 7415 5030