| Wed 3 Aug 2011, 9:04 | | FSE - Firestone Energy Limited - Mining right approval for Firestone/Sekoko/IDC |
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FSE
FSE
FSE - Firestone Energy Limited - Mining right approval for Firestone/Sekoko/IDC
- 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")
MINING RIGHT APPROVAL
FOR FIRESTONE/SEKOKO/IDC - WATERBERG COAL PROJECT
Firestone Energy Limited (ASX/JSE: FSE) ("Firestone" or the "Company") has been
informed by its joint venture partner in the Waterberg Coal Project (the
Project), Sekoko Resources, that the DMR (Department of Mineral Resources in
South Africa) has granted the Mining Right approval to mine coal for 30 years
over the seven properties contained in the Project.
The approval is conditional upon payment of A$1million within 10 days which will
be a deposit towards the Mine Rehabilitation Provision. The mine works program
and the updated social and labour plan have already been submitted to the DMR.
The mining right will be signed by the DMR and executed on or before 6 September
2011.
This reflects a major milestone in the development of the Project. This is a
significant regulatory approval which will unlock the approvals of the water use
licence and the Environmental Impact Assessment ("EIA") in the near future.
The Chairman, Mr David Perkins, said "Sekoko and in particular Mr Tim Tebeila is
to be congratulated for his determination and persistence in seeking approval of
the mining right. Firestone is now ready to participate in the construction of
the mine pending water use licence and EIA approvals which are anticipated
shortly.`
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
Pretoria
3 August 2011
Sponsor
River Group
Date: 03/08/2011 09:04:10 Produced by the JSE SENS Department.
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