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SAH
SAH
SAH - SACMH - Updated Engineers` Report
South African Coal Mining Holdings Limited
Registration number 1994/009012/06
Share code: SAH
ISIN code: ZAE000102034
("SACMH" or "the company")
Updated Engineers` Report
SACMH is pleased to announce the key findings of the Updated Engineers` Report
on the Umlabu Colliery, compiled by independent consultants SRK Consulting South
Africa (Pty) Ltd and dated 31 January 2008 ("the Updated Engineers` Report").
The Updated Engineers` Report provides an update to the Competent Persons`
Report on Umlabu Colliery distributed on 8 June 2007 ("the CPR") and is based on
new geological and operational information.
The table below contrasts the key findings of the Updated Engineers` Report with
those of the CPR:
CPR Updated % Change
(June Engineers`
2007) Report
(Jan 2008)
Total resources - measured 26.3 56.7 115%
and indicated (million
tonnes)(1)
Total resources - inferred 27.0 33.5 24%
(million tonnes)(1)
Run of mine reserves (million 12.6 25.7 104%
tonnes)(1)
Saleable coal reserves 10.0 18.8 88%
(million tonnes)(1)
Peak run of mine production 1.2 1.7 45%
rate (million tonnes per
annum)
Peak saleable production rate 1.1 1.3 20%
(million tonnes per annum)
Net present value of Umlabu 272 992 265%
Colliery (ZAR millions)(2)
1. The Updated Engineers` Report indicates a substantial increase in the
confidence in resource and reserve estimates, with the addition of
32.8 million tonnes of inferred coal resource from the Sterkfontein
property.
2. The net present values reflected above do not take into account
balance sheet items such as debt, contingent liabilities, cash,
working capital etc. and were calculated at a nominal discount rate of
15% in the CPR and a real discount rate of 10% in the Updated
Engineers Report.
The production profile from the Umlabu Colliery as well as the key performance
parameters from 2008 to 2022 and all assumptions are set out in the Updated
Engineers` Report. SACMH will develop a definitive life of mine plan during the
course of 2008.
The findings of the Updated Engineers` Report will be presented in more detail
at an investors` presentation tomorrow (22 February 2008). A copy of the Updated
Engineers` Report can be found on SACMH`s website (www.sacmh.co.za).
Karl Gribnitz, Chief Executive, said,
"The findings of this independent report are very encouraging, with an 88%
increase in our saleable reserves. Our objective is to be the premium BBBEE
coal mining platform in South Africa. We have established that platform by the
introduction of Royal Bafokeng as our controlling BEE partner and are focused
now on operational expansion of the mine as well as upgrading the logistics."
Mirkwood
21 February 2008
Sponsor
QuestCo
Enquiries:
Melanie Steyn, Group Executive
SACMH Limited 011 748 2831
Nicholas Williams
College Hill 011 447 3030
Date: 21/02/2008 15:00:02 Produced by the JSE SENS Department.
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