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FSE
FSE
FSE - Firestone Energy Limited - Sekoko Coal Sign Agreements with IDC
FIRESTONE ENERGY LIMITED
(Registration number: ABN 058 436 794)
(SA company registration number: 200/023973/10
Share code on the JSE: FSE
Share code on the ASX: FSE
ISIN: AU000000FSE6
("FSE" or "the Company")
Sekoko Coal Sign Agreements with IDC
Firestone Energy Ltd (ASX/JSE : FSE) has been informed by Sekoko Coal, its Joint
Venture Partner in the Waterberg Project, that it has signed definitive
agreements with the Industrial Development Corporation of South Africa (IDC) to
inject funding through backing Sekoko Coal for its portion of the Capital
Expenditure of construction of the mine and rail siding. The agreements are
conditional on regulatory approvals from Australia. These exchange control
regulations are required by the Australian authorities to be observed by any
100% owned state agency that holds shares in an Australian company. The
approvals are expected within 30 days from today where after funds are expected
to flow into the project.
IDC will own shares in Firestone Energy through a Special Purpose Vehicle (SPV).
"We are delighted of this positive news for the Waterberg Project because this
evidences support, commitment and backing by the South African Government to
start mining operations in the Waterberg Project"; said Mr David Perkins the
Chairman of Firestone Energy.
IDC is a self financing state owned developmental financial institution which
was established in 1940. IDC approved funding deals in excess of ZAR9billion in
2010 and has invested over ZAR6billion in mining and energy related projects
over the last two years. IDC is a significant shareholder in Sasol Limited,
Mittal Steel South Africa, Exxaro and Foskor. IDC has funded numerous successful
green-field and brown-field projects over the past 70 years.
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
BBY Nominees 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.firestoneenergy.com.au
Pretoria
18 April 2011
Sponsor
River Group
Date: 18/04/2011 07:05:24 Produced by the JSE SENS Department.
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