UPDATE: Strategic Natural Resources reaches full throughput at Elitheni plant
— Adds share price and broker comment—
Strategic Natural Resources (LON:SNRP) has reached full throughput rates at its Elitheni mine in South Africa.
The wash plant has been modified this month and it is now achieving the intended rates, the firm said in an operations update.
The company will now announce a date for the first shipment of coal mined at Elitheni in due course.
Also today, the company told investors it had completed the profitable delivery of traded coal for its original December 2012/January 2013 cargo.
The vessel sailed last week – satisfying the firm’s contractual commitments.
The firm’s chief executive David Nel said: “I am pleased that the wash plant is now achieving intended throughput rates and that over Christmas we were able, through our trading relationships in South Africa, to swiftly fulfil the coal cargo for our first vessel.
“With mining and processing of coal gaining momentum at Elitheni, I am looking forward to providing further operational updates in due course and to a successful 2013″.
The Elitheni plant was commissioned in November last year, but initial teething problems meant it did not reach expected output.
Underground mining at Elitheni also started in November and Strategic Natural said the initial coal seam thickness was better than predicted in a recent reserves update.
Broker Shore Capital described today’s news as “good” and repeated its view the firm has a bright future.
“SNR has two rail-port export corridors all to itself and significant exploration and expansion potential,” said analyst Yuen Low.
He notes that a “significant” proportion of production will be higher-value anthracite coal and the already-low projected costs could fall further from the consumption by a potential mine-mouth power station of what would otherwise be waste.
“We believe that the current headwinds being faced by coal companies will blow over in the course of the next few months, by which time the company will have proven its production credentials, implying to us significant potential for upside.”
Shares rose 1.75% to stand at 21.75 pence.
Story by ProactiveInvestors
2013-01-29 05:16:09
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