Miranda acquires 50% participation in Benicon Coal
JOHANNESBURG (miningweekly.com) – JSE-listed Miranda Mineral Holdings on Monday announced that it had, in conjunction with black women-owned Mochiba, acquired 100% of the issued share capital of Sentula Mining subsidiary Benicon Coal.
Following the acquisition, Miranda and Mochiba each held 50% of Benicon.
Miranda had bought Benicon for a nominal R1 000; however, another R150-million was still to be paid to Sentula in terms of loan facility agreements between Sentula and Nkomati Anthracite, which operated a mine in eastern Mpumalanga, in which Benicon Coal held 60%.
To procure a portion of the initial loan repayment, of R100-million, Miranda would undertake capital raising in due course.
The Nkomati mine, which had been placed on care and maintenance in 2011, was in the process of being brought back into production after receiving an integrated water-use licence and the approval for an amended environmental management programme in November.
The openpit mine had since been dewatered and the infrastructure refurbished.
“Miranda has been reviewing the operations of Nkomati over a period of several months, [has undertaken] the necessary due diligence, identified preferred mining contractors and a plant operator, and is well advanced in the conclusion of an offtake agreement with respect to the entire expected production of the mine,” the company said in a statement.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation