04/09/2007
South African coal play Strategic Natural Resources, run by entrepreneurial Jeremy Metcalfe, says estimated resources have reached 40 million tonnes.
Floated recently with a £3 million placing at 30p a share, AIM-quoted Strategic says new drilling results have confirmed an estimated resource of 40 million tonnes of coal at the company’s Indwe project in the Eastern Cape. That represents a 166 per cent increase on the 15 million tonnes estimated at the time of the float.
Metcalfe, the sometimes controversial ex-chief of fallen mining star Minmet, points out that what has been investigated represents only a small portion of the company’s licence area. Strategic hopes to tap demand from the fuel-hungry local South African electric power market.
Strategic shares now stand at 33.5p, valuing the company at £21.8 million. Their appeal is speculative.
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