| Thu 7 Jul 2011, 12:23 | | KEH - Keaton Energy Holdings Limited - Keaton Energy receives Competition |
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KEH
KEH
KEH - Keaton Energy Holdings Limited - Keaton Energy receives Competition
Commission approval for the LME acquisition
Keaton Energy Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 2006/011090/06)
JSE share code: KEH ISIN: ZAE000117420
("Keaton Energy" or "the Company")
Leeuw Mining and Exploration (Pty) Limited
(Incorporated in the Republic of South Africa)
(Registration number 2002/000483/07)
("Leeuw Mining and Exploration" or "LME")
Keaton Energy receives Competition Commission approval for the LME acquisition.
Shareholders are referred to the announcement released on SENS on 14 February
2011, regarding the acquisition by Keaton Energy of a 74% interest in LME. ("the
acquisition")
Shareholders are now advised that the company has been informed by the
Competition Commission of South Africa ("the Commission") that Keaton Energy`s
proposed acquisition of a 74% interest in LME has been unconditionally approved
by the Commission.
Keaton Energy Managing Director Paul Miller said: "This is a pleasing and
important step forward, with the Minister of Mineral Resources` consent for the
change of control of LME, in terms of Section 11 of the Mineral and Petroleum
Resources Development Act, the next condition precedent to be fulfilled."
The acquisition will give Keaton Energy:
- a controlling interest in an existing operating anthracite colliery,
Vaalkrantz, which has been in production since 2003;
- two advanced development projects - Koudelager, which will provide a future
run of mine anthracite supply to Vaalkrantz, and Braakfontein, a thermal
coal project;
- two exploration projects - Balgray and Mpati;
- access to export markets and a wider customer base through a 207 000tpa
participation in the Quattro export programme of Richards Bay Coal Terminal
and a dedicated railway siding facility near Vaalkrantz; and
- a new shareholder in Plusbay, an affiliate of Gunvor Group Limited
(Gunvor), one of the world`s leading energy trading companies.
Bryanston
7 July 2011
Investment bank and sponsor to Keaton Energy
Nedbank Capital
Date: 07/07/2011 12:23:01 Produced by the JSE SENS Department.
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