MRF
MRF
MRF - Merafe Resources Limited - Merafe Resources announcement 5 October 2007
MERAFE RESOURCES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/003452/06
Share Code: MRF
ISIN: ZAE000060000
("Merafe Resources" or "the Company")
Merafe Resources announcement 5 October 2007
Merafe Resources advises that Scharrig Mining, the coal partner of Merafe
Resources, has announced the acquisition of 49.998% of the Koornfontein Coal
Mine in Mpumalanga for R150 million from Investec Bank and Coronation Capital.
The remaining 50.002% of equity is owned by a consortium led by Siyanda
Resources. The share purchase is subject to inter-alia JSE and regulatory
approvals and is expected to become unconditional during November 2007.
In line with the agreement contained in the Merafe Coal joint venture between
Merafe Resources and Scharrig Mining, 50% of the purchased stake is being
offered to Merafe Resources on a first option basis. The Company is currently
considering this option and shareholders will be advised of the outcome in due
course.
Koornfontein Coal Mine is a large underground operation adjacent to Eskom`s
Komati power station and has good infrastructure and accessibility to rail
transport. The colliery produces about 4m tonnes of coal per year, of which
about 1.5m tonnes is exported annually under entitlement through Richards Bay
Coal Terminal. In addition, coal is supplied directly to Eskom for electricity
generation.
Sandton
5 October 2007
Sponsor
Deutsche Securities SA (Proprietary) Ltd
Date: 05/10/2007 08:10:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
