Jan 21 2014
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/
Source: http://www.armadalecapitalplc.com/