The TNC prospecting rights are located about 10km from Optimum Coal’s Koornfontein Mines and have an in-situ coal resource of about 120Mt of thermal coal, of which the company believes over 35Mt are extractable as run-of-mine tonnage.
Likely to be mined by opencast methods, the prospects are expected to be developed for first coal in 2015.
Optimum Coal CEO, Mike Teke said the company had targeted these reserves for some time.
“The TNC prospecting rights will provide us with a critical, high-value export life extension at Koornfontein Mines, thereby unlocking the currently under-utilised infrastructure and maximising value for the 1.5Mtpa Richards Bay coal terminal entitlement owned by Koornfontein Mines,” Teke said.
He added that the company had more flexibility to explore options to potentially provide the lower-quality four seam coal at Koornfontein Mines to Eskom.
The acquisition is subject only to regulatory consent from the Department of Mineral Resources for the renewal and transfer of ownership of the prospecting rights to Optimum Coal. The effective date of the transaction will be upon the fulfilment of these conditions precedent, which is expected to occur no later than mid-November.
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