JOHANNESBURG (miningweekly.com) – Exploration company Miranda Minerals was in discussions regarding alternative options with a view to facilitating its participation in Sentula Mining subsidiary Benicon Coal after the sale of 50% of the business to Miranda fell through.
Miranda said the sale had fallen through as certain of the conditions precedent had not been implemented.
Benicon coal owns 60% of the Nkomati anthracite mine, in Mpumalanga, which was in the process of being brought back into production after being granted an integrated water-use licence and the approval for an amended environmental management programme in November.
Meanwhile, Miranda on Friday also announced that a proposed specific issue of shares for cash to Valinger Resources would also no longer take place.
The company would be considering alternatives for its ongoing funding needs.