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Miranda considering alternative options to facilitate Benicon acquisition

4th August 2014

By: Leandi Kolver

Creamer Media Deputy Editor

  

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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.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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