JOHANNESBURG (miningweekly.com) – JSE-listed Miranda Minerals has narrowed its headline and basic loss a share for the six months ended February 28, 2013, to 2.95c a share from the loss a share of 5.7c posted for the  first half of the 2012 financial year.

Similarly, the coal exploration and development group reported a headline loss for the period of R11.8-million, an improvement on the R16.5-million loss reported in the first six months of the previous year.

During the period under review, the embattled junior miner, which narrowly avoided business rescue last year and subsequently shed several members of its executive management team, completed an operational review of all projects, which led to the consolidation of various prospecting rights and mining rights into the Sesikhona and Burnside projects.

With a view to starting production at both projects later this year, the company will now focus on ensuring full compliance.

“Consideration is also being given to the disposal of those rights that fall outside of the main project areas, as well as the rights over properties that are too small to exploit as stand-alone projects,” the company said in a results statement on Thursday.

Meanwhile, the group continued to await judgment by the Pietermaritzburg High Court on an urgent interdict filed against the company by Osho SA Coal Resources earlier this year.
Miranda and Shanduka Coal in December signed a  memorandum of understanding that would see Shanduka buying 1.2-million tonnes of raw material from the Sesikhona mine.

Osho, with whom a term sheet in respect of an offtake agreement was signed in December 2011, alleged that it had purchased all of the Sesikhona anthracite, and consequently applied for an interim interdict to stop Miranda from delivering anthracite from the Sesikhona mine to another offtaker.

Miranda had opposed this application.

Meanwhile, scoping studies at the company’s Burnside project had recently been completed, with prior studies on the site revealing a total in situ tonnage of some 98-million tonnes.

“Despite it being at an early stage, this large project is already attracting interest from various potential offtakers,” said the company.

The Burnside project would produce anthracitic, lean and bituminous coal, which could be mined by opencast methods and through an underground operation.

Looking ahead, the company’s main focus will be on fast-tracking its projects to generate production revenue.

The company said the recent strengthening of its executive committee would enhance shareholder value and bring the group’s assets to account.