| Wed 24 Aug 2011, 9:59 | | SEP - Sephaku Holdings - Appointment of CEO and the Granting of a New Order |
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SEP
SEP
SEP - Sephaku Holdings - Appointment of CEO and the Granting of a New Order
Mining Right To Sephaku Fluoride Limited
Sephaku Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2005/003306/06)
Share code: SEP
ISIN: ZAE000138459
("Sephaku Holdings" or "the Company")
VOLUNTARY ANNOUNCEMENT - APPOINTMENT OF CEO AND THE GRANTING OF A NEW ORDER
MINING RIGHT TO SEPHAKU FLUORIDE LIMITED
Sephaku Holdings Limited is pleased to announce the following two significant
developments for its wholly-owned subsidiary, Sephaku Fluoride Limited ("Sephaku
Fluoride") - the appointment of mining veteran Mr Alan Smith as Chief Executive
Officer ("CEO") of this entity and the granting of a New Order Mining Right for
the Nokeng fluorspar mine.
Commenting on these positive developments, Sephaku Holdings CEO, Neil Crafford-
Lazarus, said, "These are very positive and important steps for the group as we
seek to define and deliver more focused investment opportunities to the market.
Alan is a leader of excellent ability, with exactly the right combination of
attributes to drive the next phase of progress at Nokeng."
"The granting of this mining right is, of course, an essential step in our
development process. We look forward to commencing construction of the
concentrator at Nokeng mine and at our adjacent beneficiation plant once we have
secured the requisite funding."
Appointment of Alan Smith
Sephaku Holdings is pleased to announce the appointment of Mr Alan Smith as the
new CEO of Sephaku Fluoride, with effect from 17 August 2011.
Mr Smith (BSc, Mining Engineering) began his career with the Coal Division of
Anglo American in 1975. Over the next 27 years, he built up a vast and varied
body of mining experience at Anglo American, De Beers, Anglo American South
America and AngloGold. During this time, he held several positions of technical
and executive responsibility, most notably as head of South African operations
during the period he spent at AngloGold between 1997 and 2001.
Since 2001, Mr Smith has held the position of CEO at New Diamond Corporation
(Pty) Limited (2001 - 2003), Lesotho Diamond Corporation Plc (2004 - 2006) and
KIVU Resources Limited (2006 - 2009). In 2010, he was appointed as CEO of
Incubex Minerals Limited ("Incubex"), a position he still holds. As Incubex
CEO, Mr Smith has been responsible for overseeing the unbundling of Incubex from
Sephaku Holdings` portfolio and its establishment as a separate company and
independent investment vehicle.
Mr Smith is, therefore, already intimately involved with the overall Sephaku
vision and strategy, and has a proven track record which demonstrates that he
has the right skills and experience to guide Sephaku Fluoride through its
upcoming stages of development.
The Company is excited to welcome him on board at Sephaku Fluoride.
New Order Mining Right for Nokeng
Sephaku Holdings is also pleased to advise that its application for a New Order
Mining Right for Sephaku Fluoride`s Nokeng fluorspar mine has been successful.
Accordingly, Mining Right GP/30/5/1/2/2 (293) MR was notarially executed by the
Department of Mineral Resources on the 26 July 2011 and is valid until 25 July
2031 (a period of 20 years).
New Order Mining Rights are issued in accordance with the requirements of the
Mineral and Petroleum Resources Development Act (South Africa, 2002), which
include, among others, comprehensive environmental management and social and
labour plans.
Sephaku Fluoride`s Nokeng fluorspar project is located some 70km north-east of
Pretoria in South Africa`s Gauteng province and comprises two major fluorspar
deposits, the Outwash Fan deposit and the Plattekop deposit. The Outwash Fan
deposit has a Measured Mineral Resource estimate of 8.2 million tonnes at a
calcium fluoride grade of 24.6%, while Plattekop has an Indicated Mineral
Resource estimate of 2.9 million tonnes at a calcium fluoride grade of 42.6%.
Both deposits are believed to rank among the highest-grade fluorspar deposits in
the world. Sephaku Fluoride intends developing these into a fluorspar mine,
aiming to produce 180,000tpa of initially acid-grade fluorspar by the end of
2013.
Sephaku Fluoride is also planning to establish a beneficiation production
facility consisting of a sulphuric acid plant, a hydrogen fluoride plant and an
aluminium fluoride plant. The acid-grade fluorspar produced by the Nokeng
concentrator will be used largely as feed to the production facility, a key
feature of which will include the production of 60,000tpa anhydrous hydrogen
fluoride. This, together with the production of 93,000tpa sulphuric acid,
66,000tpa oleum at a concentrate of 20%, and feed of 129,000tpa acid-grade
fluorspar, will be used to produce 60,000tpa aluminium fluoride.
Venmyn has approved the information presented above, in writing, to the board of
Sephaku Holdings.
24 August 2011
Pretoria
Sponsor to Sephaku Holdings
QuestCo
Date: 24/08/2011 09:59:46 Produced by the JSE SENS Department.
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