| Mon 28 Feb 2011, 8:10 | | FSE - Firestone Energy Limited - Firestone & Sekoko Sign Shareholders Joint |
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FSE
FSE
FSE - Firestone Energy Limited - Firestone & Sekoko Sign Shareholders "Joint
Venture" Agreement
FIRESTONE ENERGY LIMITED
(formerly: Centralian Minerals Limited)
(Incorporated in Australia)
(Registration number ABN 058 436 794)
Share code on the JSE Limited: FSE
Share code on the ASX: FSE
ISIN: AU000000FSE6
(SA company registration number 2008/023973/10)
("FSE" or "the Company")
Firestone & Sekoko Sign Shareholders "Joint Venture" Agreement
Firestone Energy Limited (ASX/JSE : FSE) is pleased to advise that it has signed
a Shareholders JV Agreement "The Agreement" between the Company and its JV
partner, Sekoko Coal (Proprietary) Limited. The shareholders to the Agreement
have agreed to proceed with the establishment of a coal mine based on the
Waterberg Properties and on the economic robustness of the Bankable Feasibility
Study.
All eight farms in the Waterberg Coal Project are covered by the Agreement and
the Agreement specifies the operational, financing and cashflow aspects of the
JV in accordance with the ownership interests of the participants, Firestone 60%
and Sekoko 40%.
The Agreement was signed in Johannesburg on Thursday the 24th February and paves
the way for Firestone to embark on its next milestone of securing funding for
the development of the Waterberg coal mine. The Company will now focus on
conducting a road show to secure future funding.
The Agreement is in effect immediately, and is subject to the following
conditions precedent:
The parties to the Agreement shall receive the written unconditional approval of
the South African Competition Tribunal; and
That the South African Minister for Mineral Resources gives written approval in
terms of Section 11 of the Mineral and Petroleum Resources Development Act.
The Chairman of Firestone Mr David Perkins said, "He was delighted that
Firestone and Sekoko have managed to sign such an important agreement and that
this now opens the door for the Company to seek funding for the development of
its Waterberg Coal project and push ahead with the commencement of the mine".
Mr Tim Tebeila, the Chairman of Sekoko Coal said, "This is significant step for
the Sekoko / Firestone JV and it demonstrates the cooperation and good faith
that exists within the JV partners. Sekoko looks forward to the development of
the Waterberg Coal project and the benefits that will be derived for both
Companies and their Shareholders".
David J Perkins
Chairman
www.firestoneenergy.com.au
About Firestone Energy
Firestone Energy is an independent Australian exploration company focused on
developing coal projects in South Africa. The company is currently exploring the
richly endowed Waterberg coal field in the Limpopo Province of South Africa.
The Company is committed to value-added growth through becoming an independent
coal and energy producer at its projects in South Africa.
The Company has entered into three joint ventures with Sekoko Resources, a South
African black empowerment company (BEE) and Sekoko has two directors on the
Board of Firestone Energy.
Corporate Details
ASX: FSE
JSE: FSE
Issued Capital:
2,627 million ordinary shares
Major Shareholders:
Sekoko Resources (Pty) Ltd
Colbern Fiduciary Nominees Ltd
Bell Potter Nominees Ltd
Directors and Officers:
Non Executive Directors:
David Perkins (Chairman)
Dr Pius Kasolo
Colin McIntyre
Sizwe Nkosi
Peter Tshisevhe
Company Secretary
Jerry Monzu
Contact:
Suite B9, 431 Roberts Road
Subiaco, Western Australia 6008
Tel: +61 (0) 8 9287 4600
Web: www.direstoneenergy.com.au
28 February 2010
Pretoria
Sponsor and Corporate Advisor
River Group
Date: 28/02/2011 08:10:02 Produced by the JSE SENS Department.
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