JOHANNESBURG (miningweekly.com) – Perth-based coal-miner Firestone Energy on Friday reported that its second joint venture (JV) agreement with South African coal company Sekoko Coal was now fully effective.

Firestone said in a statement that following its payment of R19,5-million to Sekoko as a reinbursement for the bankable feasibility study, it would now earn-in up to 42% of the coal project, which covers four properties in the Waterberg coal region. The properties have a combined coal resource tonnage of 2,9-billion ton.

As a result of the JV becoming effective, Firestone would assume management control, and the immediate priority of the JV would be to progress the bankable feasibility study over the four properties following the recent successful A$25-million capital raising.

To subscribe to Mining Weekly's print magazine email subscriptions@creamermedia.co.za or buy now.