New coal mine hopes in KZN

2008-04-22 00:00

Mineral exploration investment company Miranda Minerals Holding, which holds extensive mineral rights at coalfields across KZN, has been successful in converting their prospecting permit into a mining permit with respect to their Sesikhona Kliprand Colliery near Dannhauser.

The company’s subsidiary, Sesikhona, entered into a joint venture agreement with Ihlosi to develop the potential of the Kliprand coal and anthracite deposit.

Miranda’s prospects in KZN coal mining could prove immensely profitable, particularly in light of the current electricity crisis, which has ignited a demand for coal.

The first phase drilling programme has been completed at Kliprand and a “measured resource” of 5,3 million tons of high grade anthracite has been found.

“Management is confident that further drilling will prove the resource up to an estimated 22 million tons. The company is currently completing the environmental impact assessment and mine plan, which is expected to be submitted for approval to the DME during the second quarter of this calendar year,” said Miranda.

The news comes on the back of Miranda having announced its unaudited financial results for the six months ended February 29.

“We incurred a net loss for the period under review of R3,52 million. This is as a result of the increase in operating expenses, capital raising fees and expenditure on key assets as we have stepped up our exploration activities,” said Miranda’s chairman, Alan Thompson.

However, the company remains confident about its prospects in KZN.

“Until recently, this area had been largely neglected … The group is continuing to identify … viable coal resources in the area and to apply for the necessary permits … ”

The sites, located mainly in the Dannhauser and Glencoe area, could hold as much as 200 million tons of coal.

kavith@witness.co.za

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