| Mon 25 Jan 2010, 9:34 | | MMH - Miranda - Miranda Coal Selects Stefanutti Stocks Mining Services As Its |
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MMH
MMH - Miranda - Miranda Coal Selects Stefanutti Stocks Mining Services As Its
Preferred Contractor To Mine Sesikhona
(Incorporated in the Republic of South Africa)
(Registration number 1998/001940/06)
Share code: MMH & ISIN: ZAE000074019
("Miranda" or "the company" or "the group")
Miranda Coal selects Stefanutti Stocks Mining Services as its preferred
contractor to mine Sesikhona
Miranda Coal today announces that it has selected Stefanutti Stocks Mining
Services (`Stefanutti Stocks`) as its preferred mining contractor to conduct the
opencast mining at the Sesikhona project, located at Dannhauser in the KwaZulu-
Natal Province (`the Contract`).
A member of the Stefanutti Stocks Group of Companies listed on the JSE Limited,
Stefanutti Stocks provides specialist services to the mining industry including
open cast contract mining and deposition and reclamation of mine residue.
Miranda selected Stefanutti Stocks because of their proven track record in
consistently delivering on their stated and required targets. The modern mining
environment in South Africa requires these targets to be considered on a number
of different levels.
The first, and ultimately most important, target level is measured in terms of
mining production and costs. In this respect, Stefanutti Stocks` mining and
operational credentials have been established over the years through successful
contracts with major mining houses including amongst others Anglo Gold, Harmony,
Assmang, ARM, Norilsk, Goldfields and De Beers.
In terms of their SHEQ (Safety, Health, Environment, Quality) Management
programme, Stefanutti Stocks is able to foster a safe environment for both their
employees and Sesikhona`s local Kliprand community. The local community not only
lives near the area of operations but is also Miranda Coal`s partner through
their 12% stake in the project.
In addition, Stefanutti Stocks will work within the project`s agreed
Environmental Management Plan, implementing measures to minimise the adverse
effects of extraction. This represents a further important focus area that will
contribute to the ultimate success of the Sesikhona Colliery.
A further level of co-operation between Miranda Coal and Stefanutti Stocks will
be in terms of the requirements of Sesikhona`s Social and Labour Plan. With
training of their own employees an ongoing commitment, Stefanutti Stocks have
undertaken to extend this initiative to those members of the local community who
can be recruited during the course of the Contract.
Stefanutti Stocks has made a large investment in their plant, equipment and
fleet, ensuring they will have the capacity to extract coal optimally at
Sesikhona. The current stated target is to produce 480 000t Run of Mine per
annum, subject to the final mine plan. Stefanutti Stocks is presently engaged
with Miranda Coal in finalising the mine plan and have already provided
important input and resources towards this process.
Finalisation of and management sign-off on, the life-of-mine and detailed
production plan have been scheduled for the second half of February 2010.
Thereafter, Miranda Coal and Stefanutti Stocks will enter into a New Engineering
Contract on the first phase, open pit section, which will be subject to an
anthracite off-take agreement. Miranda is in advanced discussions to finalise an
off-take agreement and once concluded, mining could commence within thirty days.
CEO, Ron Nel, commented, "We are pleased to have partnered with Stefanutti
Stocks Mining Services to launch and conduct our mining operation and we look
forward to a long and rewarding relationship with them. Stefanutti Stocks have
bought into Miranda`s vision to lead the re-development of the KZN coal fields,
which have been of strategic importance for over one hundred years."
Centurion
25 January 2010
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Corporate adviser
Touchstone Capital (Pty) Ltd
Date: 25/01/2010 09:34:03 Produced by the JSE SENS Department.
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