| Thu 21 Jul 2011, 8:59 | | FSE - Firestone Energy Limited - IDC commences funding of the Sekoko |
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FSE
FSE
FSE - Firestone Energy Limited - IDC commences funding of the Sekoko
resources/Firestone Waterberg Coal Project
FIRESTONE ENERGY 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")
IDC COMMENCES FUNDING OF THE SEKOKO RESOURCES/FIRESTONE WATERBERG COAL
PROJECT
Firestone Energy Limited "Firestone" (ASX/JSE: FSE) has been informed by its
joint venture partner, Sekoko Resources, in the Waterberg Coal Project (the
Project), that the IDC (Industrial Development Corporation of South Africa)
has commenced funding the development of the Project by approving the first
drawdown of the funding facility by Sekoko for mine development costs, in
accordance with the announcement released to the market on 17 December 2010.
This reflects the significant progress which has been achieved by the Joint
Venture and is tangible evidence of the both the quality of the Project and
the confidence shared by the joint venture partners, which now includes IDC.
Firestone`s additional fund raising program is aligned with the approval of
Mining Rights. Firestone anticipates being in a position to provide further
information in this area in the near term.
The Chairman, Mr David Perkins, said "Sekoko and in particular
Tim Tebeila is to be congratulated for his foresight and bringing IDC into
the Project. Working with Firestone`s Executive Director Finance, Sizwe
Nkosi, Mr Tebeila has been the driving force in securing a solid foundation
for the development of these strategic resources. IDC is now a confirmed
strategic partner in the Waterberg Project. The commencement of this
funding represents the first step in our final phase of bringing our
Waterberg Coal Project into production".
Firestone Energy Limited
David Perkins
Chairman
www.firestoneenergy.com.au
About Sekoko Resources
Sekoko Resources (Pty) Ltd is a South African-based black-owned energy and
minerals company developing the coal, magnetite iron ore and PGMs Projects
in the Limpopo Province of South Africa. This includes a significant
exploration program and development of the Waterberg Coal Joint Venture
Project based on significant Coal Zone Resources. Sekoko is targeting to
commence operations in 2012, thus forming the basis for developing a global
coal business.
About Industrial Development Corporation of South Africa "IDC"
IDC is a self financing, state owned, developmental financial institution
which was established in 1940. The IDC has approved funding deals in excess
of ZAR9billion (approx A$1.3 billion) in 2010 and has invested over
ZAR6billion (approx A$857million) in mining and energy related projects over
the last two years. The 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.
About Firestone Energy
Firestone Energy Limited is an independent, Australian exploration and
development company listed on the Australian Stock Exchange Ltd (ASX) and
the Johannesburg Stock Exchange (JSE). Firestone Energy has entered into a
Joint Venture with Sekoko Resources (Pty) Ltd through which Firestone Energy
has acquired the right to 60% participation interests in the Waterberg Coal
Project located in Lephalale area, Limpopo Province, South Africa.
The first stage of the project is to develop the Smitspan mine which has a
substantial measured thermal coal resource and to develop the Vetleegte mine
which is a substantial metallurgical coal deposit.
Firestone Energy is committed to becoming a profitable independent coal and
energy producer at its projects in South Africa, thereby making a
substantial contribution to the social and economic development of the
Lephalale area and South Africa.
Corporate Details
ASX: FSE
JSE: FSE
Issued Capital:
2,793 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
Executive Directors:
Sizwe Nkosi
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
21 July
Sponsor
River Group
Date: 21/07/2011 08:59:44 Produced by the JSE SENS Department.
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