Universal nearly doubles NBC reserves
PERTH (miningweekly.com) – South Africa-focused coal miner Universal Coal has reported 98% increase in the ore reserve at its North Block Complex (NBC).
The ASX-listed company on Wednesday said that the ore reserve at NBC was now estimated at 55.5-million tonnes, compared with the previous estimate of 27.96-million tonnes.
Since completing the acquisition of the NBC in November this year, Universal has started increasing production at the project towards the monthly target of 200 000 t of saleable product.
In November, NBC produced 208 000 t/m, demonstrating a significant improvement on the 140 000 t/m production achieved by the previous owner.
“The delivery of a 98% increase in NBC’s ore reserve is a tremendous achievement by our operational team and further validates the strategic rationale to acquire the NBC project,” said Universal CEO Tony Weber.
“The quick turnaround to full production at NBC has been well executed and proves the ability of the management team on site. It is prudent to say that the mine has transitioned well under the new management, and we are proud to include the NBC under the Universal banner.”
Weber said that with historical production levels now restored at NBC, the project should add some 2.4-million tonnes a year to the company’s production outlook for the next 15 years, bolstering the saleable production pipeline.
Volumes from NBC will increase Universal’s current annual coal production of 5.1-million tonnes a year to a forecast rate of 7.5-million tonnes a year.
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