25 May 2012

Mining right boost for Petmin

03/08/2007 Robert Tyerman

Enhanced mining rights could increase the value of Petmin’s Somkhele anthracite mine in South Africa a by 310 per cent.

AIM-quoted Petmin says a ‘new order mining right’ granted over Area 1 of Somkhele, near Richard’s Bay in Kwa-Zulu Natal province, will allow the Pretoria-based company to increase its production target 67 per cent to 835,000 tonnes in 2007/08 after planned capital expenditure of £2 million. The company now expects production to reach 970,000 tonnes next year, with 1.9 million tonnes a year from 2011.

Somkhele now sports 25.5 million tonnes of mineable reserves plus an estimated resource of 51.2 million tonnes, according to mining consultant Snowden. The consultant also advises that Somkhele’s estimated project value has increased from £25 million to £104 million.

Recommended by Growth Company Investor at 10p last March, Petmin shares now stand at 16p, up 3p today, valuing the company at £77 million. Hold on.

Sector: Mining

Companies: Petmin

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