| Wed 29 Feb 2012, 15:50 | | MMH - Miranda Mineral Holdings Limited - Media Release to be issued with the |
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MMH
MMH
MMH - Miranda Mineral Holdings Limited - Media Release to be issued with the
integrated report:
Miranda Mineral Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/001940/06)
Share code: MMH
ISIN: ZAE000074019
("Miranda" or "the Group" or "the Company")
MEDIA RELEASE TO BE ISSUED WITH THE INTEGRATED REPORT:
Johannesburg, 29 February 2012: Miranda Mineral Holdings, the South African
mineral exploration, mining development and investment holding company, today
posted its 2011 Integrated Report to shareholders. In his statement to
shareholders, the newly elected Chairman, Dr Lelau Mohuba, commented on the
renewed focus of the company, "This focus, which includes operations involving
the exploitation of coal deposits will create opportunities, as (the company`s
new major shareholder) Incubex is seeking to introduce other coal assets to the
company".
Dr Mohuba added that tremendous progress has been made recently, and said that
he was pleased that, "several vexing shareholder, management, legal and
financial issues that had occupied the efforts of the Board and management of
Miranda for much of the year", had been resolved. These included, resolving the
relationship between Miranda and its major shareholder following the conclusion
of an agreement that mining investment company, Incubex Minerals Limited, had
acquired the shareholding of Global PS Mining Investments Company Limited,
totalling 24% of Miranda`s equity. This acquisition also includes Incubex
purchasing Global PS`s short-term convertible loan facility and any liabilities
and obligations attached to the loan.
Dr Mohuba said, "Incubex (has) agreed to settle outstanding financial issues on
behalf of the Group and to provide interim working capital and funding to ensure
Miranda`s sustainability going forward. The availability of capital to fund
interim working and capital requirements, expenditure items and other necessary
expenses relating to Miranda`s day-to-day operations and expenses will ensure
that the Group approaches 2012 in a considerably stronger position than 2011".
In addition, a resolution of the dispute between former Miranda CEO and
director, Mr Ron Nel, and Miranda has been reached following an agreement with
Mr Nel to abandon a business rescue application and a the court order he had
lodged. "The Board," said Dr Mohuba, "is satisfied that the Group is now able
to operate in the ordinary course of business".
An essential element within the agreement reached between Incubex and Miranda
was that both independent and Incubex-nominated directors would assume the
positions on the Board vacated by Global PS representatives and the other
departing directors, which has now been achieved.
Dr Mohuba concluded, "It is expected that Miranda`s long-awaited move into
active coal mining will take place during calendar year 2012. The exploitation
of reserves within the KwaZulu-Natal coal fields outside Dundee is expected to
result in the flow of long-awaited revenues into the company. Once discussions
regarding off-take agreements for Sesikhona are finalised, the exploitation of
the Sesikhona coal deposits will begin, setting the stage for the company to
begin production in fields contiguous to, or near, this primary site".
-ends-
ABOUT MIRANDA: Listed on the main Board of the JSE Limited, Miranda Mineral
Holdings Limited is a South African mineral exploration, mining development and
investment holding company. Miranda is focused on the identification,
exploration and development of selected coal resource opportunities in South
Africa.
ABOUT INCUBEX: Incubex is a privately owned, Historically Disadvantaged South
African controlled holding company that was formed through the unbundling of the
mining interests of Sephaku Holdings Limited during 2010. The Company`s
subsidiaries, associates and joint ventures together hold, and are developing, a
number of Prospecting and Mining Rights that cover a diverse range of mineral
interests in South Africa including coal, tin, diamonds, silica, gold and
platinum. Incubex is active in the fields of exploration and the development of
mining operations. In addition to the interim funding, Incubex will also provide
Miranda with proven mining expertise, a well-respected mining track record, and
acknowledged corporate deal-making abilities.
ABOUT Dr LELAU MOHUBA: Dr Mohuba is a retired medical practitioner who obtained
his MB ChB at the University of Natal in 1980. He retired 22 years later after a
distinguished medical career. He joined Boynton/Platmin in 2003 as Business
Development Director and assisted the Company to successfully list on both the
TSX and AIM in 2006. He is a co-founder of the Sephaku Group and currently
serves as Chairman for Sephaku Holdings Limited (JSE listed), Sephaku Cement
(Pty) Limited, Sephaku Fluoride Limited and Incubex Minerals Limited. Dr Mohuba
joined the Board of Miranda with effect from 20 January 2012.
Date: 29/02/2012 15:50:27 Produced by the JSE SENS Department.
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