Strategic Natural Resources secures additional land holding in South Africa
25 November 2009
Elitheni Coal, the South African coal company that is 74%-owned by AIM-listed Strategic Natural Resources, has been awarded an additional 119,374 ha of exclusive new order prospecting rights in the Eastern Cape coalfield.
The new land is in addition to Elitheni’s current phase 1, 2, 3 and 4 prospecting rights measuring 64,877 ha in area. This latest addition means that the company finishes the 2009 calendar year having acquired exclusive prospecting rights over approximately 185,000 ha, an area nearly five times the size with which it started the year.
Elitheni’s success in securing new land comes as South Africa’s energy crisis rumbles on. The nearby power generation plant being planned by IPSA Group has also smoothed the way for expanded resources, as has the growing demand for export coal being seen in the country.
The new prospecting rights, which represent phase 5'of the company's development in the Eastern Cape, has been named "Project Indlovu". Elitheni now has five years plus an option to renew for three years, in which to prove coal sufficient to apply exclusively for a 30 year mining right over the most mineable area of the additional land.
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