MRF SCN
MRF SCN
SCN / MRF - Scharrig Mining / Merafe Resources - Joint venture in coal
Joint Announcement: Scharrig Mining (SCN) and Merafe Resources (MRF)
SCHARRIG MINING LIMITED
Incorporated in the Republic of South Africa
Registration number 1992/001973/06
Share code: SCN ISIN code: ZAE000006474
("Schamin" or "the Company")
Merafe Resources Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1987/003452/06)
Share code: MRF
ISIN: ZAE000060000
("Merafe" or "the Company")
SCHARRIG MINING AND MERAFE RESOURCES ANNOUNCE JOINT VENTURE IN COAL
JSE listed companies, Scharrig Mining (Scharrig) a mining services company
and Merafe Resources (Merafe) a major BEE ferrochrome producer, are pleased
to announce the formation of a 50/50 joint venture called Merafe Coal. The
transaction, based on the maximization of the combined value of their
respective existing coal resources in Mpumalanga, will provide the platform
for future growth opportunities in the sector. Merafe Coal will be focused
on coal mining and related services.
Commenting on the joint venture, Steve Phiri, Merafe CEO, said that; "We do
business effectively through joint ventures as we`ve demonstrated in the
past. We looked for a partner in coal and we were impressed with the
credentials and track record of Scharrig. We are excited about this venture
as it brings a new and complimentary commodity and skills into our stable."
Scharrig Chief Operating Officer Robin Berry commented: "We are pleased to
announce this joint venture building on our core strength in coal and in
line with our strategy to broaden our range of services and our client
base. We are looking forward to a strong working relationship with
Merafe."
21 June 2007
Sponsor: Sansara Financial Services (Pty) Limited
Date: 21/06/2007 08:12:21 Produced by the JSE SENS Department.
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